https://www.taxtmi.com/caselaws?id=308884 The High Court determined that the Central Subsidy received under the 10% Central Outright Grant Scheme 1971 should not reduce the cost of plant & machinery for calculating the allowable investment allowance. Following the Supreme Court precedent, the subsidy was considered an incentive and not deductible from the actual cost of assets. The High Court ruled in favor of the assessed, aligning with the Supreme Court decision in Commissioner of Income Tax v. P.J. Chemicals Ltd. [1994]210 ITR 830(SC), thereby ruling against the Revenue. en-us Thu, 17 May 2007 00:00:00 +0530 Sat, 29 Jul 2023 12:20:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308884 The High Court determined that the Central Subsidy received under the 10% Central Outright Grant Scheme 1971 should not reduce the cost of plant & machinery for calculating the allowable investment allowance. Following the Supreme Court precedent, the subsidy was considered an incentive and not deductible from the actual cost of assets. The High Court ruled in favor of the assessed, aligning with the Supreme Court decision in Commissioner of Income Tax v. P.J. Chemicals Ltd. [1994]210 ITR 830(SC), thereby ruling against the Revenue. Case-Laws Income Tax Thu, 17 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308884