Entertainment Subsidy Doesn't Reduce Asset Cost Under Income Tax Act, Assessee's Argument Accepted.

Entertainment Subsidy Doesn't Reduce Asset Cost Under Income Tax Act, Assessee's Argument Accepted. https://www.taxtmi.com/highlights?id=73008 Determination of cost of Acquistion of assets - reduction of amount subsidy from cost - entertainment subsidy being for the promotion of cinema/ multiplex industry; only because the methodology adopted is to cap it to capital cost of assets will not mean to reduce the cost of asset directly or indirectly in terms of Explanation 10 to Sec. 43(1). This ground of the assessee is allowed. - AT en-us Fri, 10 Nov 2023 15:29:30 +0530 Fri, 10 Nov 2023 15:29:30 +0530 TaxTMI RSS Generator Entertainment Subsidy Doesn't Reduce Asset Cost Under Income Tax Act, Assessee's Argument Accepted. https://www.taxtmi.com/highlights?id=73008 Determination of cost of Acquistion of assets - reduction of amount subsidy from cost - entertainment subsidy being for the promotion of cinema/ multiplex industry; only because the methodology adopted is to cap it to capital cost of assets will not mean to reduce the cost of asset directly or indirectly in terms of Explanation 10 to Sec. 43(1). This ground of the assessee is allowed. - AT Highlights Income Tax Fri, 10 Nov 2023 15:29:30 +0530 https://www.taxtmi.com/highlights?id=73008