https://www.taxtmi.com/caselaws?id=55786 The ITAT upheld the CIT (Appeals) decision in favor of the assessee regarding the reduction of subsidy from the cost of plant and machinery for depreciation calculation. The ITAT also ruled in favor of the assessee in the disallowance of deduction under section 32AB, emphasizing that the purchases were made during the accounting year, even though payments were made after the previous year. The ITAT considered legislative intent and judicial precedents, ultimately dismissing the revenue's appeal in both issues. en-us Fri, 19 Dec 1997 00:00:00 +0530 Tue, 30 Nov 2010 10:23:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55786 The ITAT upheld the CIT (Appeals) decision in favor of the assessee regarding the reduction of subsidy from the cost of plant and machinery for depreciation calculation. The ITAT also ruled in favor of the assessee in the disallowance of deduction under section 32AB, emphasizing that the purchases were made during the accounting year, even though payments were made after the previous year. The ITAT considered legislative intent and judicial precedents, ultimately dismissing the revenue's appeal in both issues. Case-Laws Income Tax Fri, 19 Dec 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55786