1998 (4) TMI 64 - HC - Income Tax

Summary

The High Court of Madras ruled in favor of the assessee regarding the assessment years 1978-79 and 1979-80. The court held that the subsidy received by the assessee should not be reduced from the actual cost of assets for determining depreciation. The Commissioner of Income-tax's revision was deemed improper, and the Tribunal's decision was upheld based on the Supreme Court's ruling in a similar case. The questions were answered in favor of the assessee, who was awarded costs of Rs. 750.