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Manual - ICDS VII : Government Grants
As per the Preamble to this ICDS, in the event of contradiction between the Act and the ICDS, the provisions of the Act would prevail. Accordingly, grants which are not directly relatable to nondepreciable assets should be offered to tax as income and not recognised as a deduction from the cost of the asset. Consequently, operation of para 7 of the ICDS would be confined to depreciable assets only.
Government grants treatment: grants not directly relatable to nondepreciable assets treated as taxable income rather than reduction in asset cost. Grants not directly relatable to nondepreciable assets are to be recognised as taxable income under the Act rather than deducted from asset cost; the ICDS preamble confirms the Act prevails over ICDS, and paragraph 7 of ICDS VII applies solely to depreciable assets where reduction of asset cost is appropriate.
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