https://www.taxtmi.com/caselaws?id=300712 The High Court upheld the Tribunal's decision regarding the treatment of the subsidy as a capital receipt and the deletion of excess depreciation from the book profit calculation. The Court emphasized that the subsidy was intended to encourage capital investments and promote the establishment or expansion of units, thus not to be added to book profits. The Court also noted that the Assessing Officer's power to adjust book profits is limited to ensuring compliance with the Companies Act and the audit process. The appeal was dismissed based on precedents, including the decision in Apollo Tyres Ltd. v/s. CIT. en-us Mon, 10 Jun 2019 00:00:00 +0530 Sun, 20 Feb 2022 21:42:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300712 The High Court upheld the Tribunal's decision regarding the treatment of the subsidy as a capital receipt and the deletion of excess depreciation from the book profit calculation. The Court emphasized that the subsidy was intended to encourage capital investments and promote the establishment or expansion of units, thus not to be added to book profits. The Court also noted that the Assessing Officer's power to adjust book profits is limited to ensuring compliance with the Companies Act and the audit process. The appeal was dismissed based on precedents, including the decision in Apollo Tyres Ltd. v/s. CIT. Case-Laws Income Tax Mon, 10 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300712