https://www.taxtmi.com/caselaws?id=306094 The Tribunal upheld the decision of the ld. CIT(A) that a capital subsidy received under the Package Scheme of Incentive, 2007 was not meant to reduce the cost of depreciable assets for depreciation purposes. The Tribunal determined that the subsidy was an incentive for industrial development and should not be deducted from asset costs. It dismissed the Revenue's argument that the subsidy should be treated as revenue, citing that the taxability of subsidies was not applicable for the assessment year in question. The Tribunal's decision was based on established legal principles, ultimately dismissing the Revenue's appeal. en-us Wed, 27 Apr 2022 00:00:00 +0530 Mon, 09 Jan 2023 20:35:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306094 The Tribunal upheld the decision of the ld. CIT(A) that a capital subsidy received under the Package Scheme of Incentive, 2007 was not meant to reduce the cost of depreciable assets for depreciation purposes. The Tribunal determined that the subsidy was an incentive for industrial development and should not be deducted from asset costs. It dismissed the Revenue's argument that the subsidy should be treated as revenue, citing that the taxability of subsidies was not applicable for the assessment year in question. The Tribunal's decision was based on established legal principles, ultimately dismissing the Revenue's appeal. Case-Laws Income Tax Wed, 27 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306094