https://www.taxtmi.com/caselaws?id=20948 The High Court held that the subsidy received by the assessee should not be deducted from the cost of plant and machinery for calculating depreciation. The Court emphasized that the subsidy was a monetary incentive to promote industries, not specifically to subsidize asset costs. Therefore, the subsidy did not reduce the actual cost borne by the assessee for the assets. The Court ruled in favor of the assessee, aligning with the view of various High Courts in similar cases, and transmitted the judgment to the Appellate Tribunal without cost directions. en-us Wed, 17 Mar 1993 00:00:00 +0530 Wed, 18 Nov 2009 12:22:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20948 The High Court held that the subsidy received by the assessee should not be deducted from the cost of plant and machinery for calculating depreciation. The Court emphasized that the subsidy was a monetary incentive to promote industries, not specifically to subsidize asset costs. Therefore, the subsidy did not reduce the actual cost borne by the assessee for the assets. The Court ruled in favor of the assessee, aligning with the view of various High Courts in similar cases, and transmitted the judgment to the Appellate Tribunal without cost directions. Case-Laws Income Tax Wed, 17 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20948