1994 (4) TMI 56 - HC - Income Tax

Summary

The High Court of Rajasthan ruled that a subsidy granted by the Central Government to an assessee was not intended to cover asset costs and thus was not deductible for depreciation purposes under section 43(1) of the Income-tax Act, 1961. The decision favored the assessee over the Revenue. (Case citation: 1994 (4) TMI 56 - RAJASTHAN High Court)