https://www.taxtmi.com/caselaws?id=26383 The court ruled in favor of the Commissioner of Income-tax, holding that the subsidy received by the assessee company under the '10 per cent. Central Outright Grant or Subsidy Scheme, 1971' should not be reduced from the cost of the assets owned by the company under section 43 of the Income-tax Act, 1961. The Tribunal's decision was overturned, emphasizing that the subsidy was intended to promote industry growth in backward areas and did not directly impact the actual cost of assets acquired by the assessee. The court highlighted the importance of considering the Scheme's provisions and related documents in interpreting the subsidy's effect on asset costs. en-us Wed, 09 Oct 1985 00:00:00 +0530 Thu, 04 Feb 2010 15:56:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26383 The court ruled in favor of the Commissioner of Income-tax, holding that the subsidy received by the assessee company under the '10 per cent. Central Outright Grant or Subsidy Scheme, 1971' should not be reduced from the cost of the assets owned by the company under section 43 of the Income-tax Act, 1961. The Tribunal's decision was overturned, emphasizing that the subsidy was intended to promote industry growth in backward areas and did not directly impact the actual cost of assets acquired by the assessee. The court highlighted the importance of considering the Scheme's provisions and related documents in interpreting the subsidy's effect on asset costs. Case-Laws Income Tax Wed, 09 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26383