https://www.taxtmi.com/caselaws?id=58121 The Appellate Tribunal ITAT BOMBAY-A ruled on the interpretation of 'actual cost' under sections 32, 33, and 43(1) of the Income Tax Act. The Tribunal held that a subsidy received by an assessee should not be deducted from the actual cost of assets for the purpose of claiming depreciation and development rebate. The Tribunal considered the purpose of the subsidy and distinguished between subsidies meant to reduce asset acquisition costs and those for specific purposes, ultimately deciding that the subsidy in question should not reduce the actual cost. The appeals were allowed, Commissioner's orders were quashed, and Income Tax Officer's orders were restored for the relevant years. en-us Mon, 16 Mar 1981 00:00:00 +0530 Fri, 17 Dec 2010 14:06:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58121 The Appellate Tribunal ITAT BOMBAY-A ruled on the interpretation of 'actual cost' under sections 32, 33, and 43(1) of the Income Tax Act. The Tribunal held that a subsidy received by an assessee should not be deducted from the actual cost of assets for the purpose of claiming depreciation and development rebate. The Tribunal considered the purpose of the subsidy and distinguished between subsidies meant to reduce asset acquisition costs and those for specific purposes, ultimately deciding that the subsidy in question should not reduce the actual cost. The appeals were allowed, Commissioner's orders were quashed, and Income Tax Officer's orders were restored for the relevant years. Case-Laws Income Tax Mon, 16 Mar 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58121