1994 (3) TMI 75 - HC - Income Tax

Summary

The High Court of Himachal Pradesh ruled that cash subsidy received by the assessee should not be deducted from the cost of machinery and plant for depreciation allowance. The decision was based on a previous case and the provisions of the Income-tax Act, 1961. The court answered the question in the affirmative, against the Revenue. No costs were awarded.