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        Income Tax

        Whether a grant which is not directly relatable to non-depreciable assets should be concluded as an income (in accordance with section 2(24)(xviii) and therefore be offered to tax or Whether such grant should be proportionately reduced from the cost of the asset in accordance with para 7 of the ICDS VII.

        31 August, 2017

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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.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              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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