1991 (4) TMI 11 - HC - Income Tax

Summary

The High Court of Madras delivered a judgment on a tax case reference under the Income-tax Act, 1961. The court held that the cost of plant and machinery could not be reduced by the subsidy received by the assessee-company for computing depreciation and investment allowance. The decision was based on a previous case and ruled in favor of the assessee-company. No costs were awarded.