https://www.taxtmi.com/caselaws?id=752899 The ITAT Pune held that subsidy received under the IPS Scheme 2007 of Maharashtra Government should not be reduced from the actual cost of fixed assets under section 43(1) for depreciation calculation purposes. Following the precedent in Atharva Polymers Private Limited, the tribunal directed deletion of the depreciation addition made by the AO. Additionally, the tribunal upheld the CIT(A)'s decision allowing section 80IA deduction without deducting brought forward losses or unabsorbed depreciation prior to the initial year on a notional basis, consistent with earlier assessment years. en-us Tue, 14 May 2024 00:00:00 +0530 Mon, 20 May 2024 19:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752899 The ITAT Pune held that subsidy received under the IPS Scheme 2007 of Maharashtra Government should not be reduced from the actual cost of fixed assets under section 43(1) for depreciation calculation purposes. Following the precedent in Atharva Polymers Private Limited, the tribunal directed deletion of the depreciation addition made by the AO. Additionally, the tribunal upheld the CIT(A)'s decision allowing section 80IA deduction without deducting brought forward losses or unabsorbed depreciation prior to the initial year on a notional basis, consistent with earlier assessment years. Case-Laws Income Tax Tue, 14 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752899