https://www.taxtmi.com/caselaws?id=295856 The Appellate Tribunal ITAT Chennai dismissed the Revenue's appeals for assessment years 2014-15 and 2015-2016. It upheld the decision of the ld. Commissioner of Income Tax (Appeals) regarding the classification of the receipt from the Government of Tamil Nadu as a grant, despite later being reclassified as an interest-free loan. The Tribunal found that the reclassification did not change the original character of the receipt, allowing the depreciation claim against assets acquired from this amount. en-us Thu, 13 Jun 2019 00:00:00 +0530 Wed, 23 Jun 2021 10:09:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295856 The Appellate Tribunal ITAT Chennai dismissed the Revenue's appeals for assessment years 2014-15 and 2015-2016. It upheld the decision of the ld. Commissioner of Income Tax (Appeals) regarding the classification of the receipt from the Government of Tamil Nadu as a grant, despite later being reclassified as an interest-free loan. The Tribunal found that the reclassification did not change the original character of the receipt, allowing the depreciation claim against assets acquired from this amount. Case-Laws Income Tax Thu, 13 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295856