https://www.taxtmi.com/caselaws?id=402562 The Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision, determining that the Industrial Promotion Assistance received by the assessee was a capital receipt and should not be deducted from the cost of assets for depreciation purposes. The appeal by the revenue, which included issues of delay condonation and the nature of the IPA, was dismissed. The Tribunal referenced past decisions and established that the subsidy was operational in nature and did not qualify for reduction under Explanation 10 to Section 43(1) of the Income Tax Act. en-us Thu, 29 Oct 2020 00:00:00 +0530 Wed, 06 Jan 2021 14:34:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402562 The Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision, determining that the Industrial Promotion Assistance received by the assessee was a capital receipt and should not be deducted from the cost of assets for depreciation purposes. The appeal by the revenue, which included issues of delay condonation and the nature of the IPA, was dismissed. The Tribunal referenced past decisions and established that the subsidy was operational in nature and did not qualify for reduction under Explanation 10 to Section 43(1) of the Income Tax Act. Case-Laws Income Tax Thu, 29 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402562