https://www.taxtmi.com/caselaws?id=24144 The court held that subsidies received by Jindal Brothers should be deducted from the actual cost of assets for depreciation under section 32 of the Income-tax Act. The subsidies were deemed to reduce the actual cost of machinery, plant, and building, aligning with the industrial policy's intent to incentivize new industries in backward areas. The court emphasized the subsidies' uniform application and nexus to asset costs, ruling in favor of the Revenue and affirming the applicability of section 43(1) in determining depreciation allowance. en-us Tue, 14 Mar 1989 00:00:00 +0530 Mon, 18 Jan 2010 10:20:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24144 The court held that subsidies received by Jindal Brothers should be deducted from the actual cost of assets for depreciation under section 32 of the Income-tax Act. The subsidies were deemed to reduce the actual cost of machinery, plant, and building, aligning with the industrial policy's intent to incentivize new industries in backward areas. The court emphasized the subsidies' uniform application and nexus to asset costs, ruling in favor of the Revenue and affirming the applicability of section 43(1) in determining depreciation allowance. Case-Laws Income Tax Tue, 14 Mar 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24144