1989 (2) TMI 105 - HC - Income Tax

Summary

The High Court of Madhya Pradesh held that a capital subsidy received by an assessee is not deductible from the cost of assets for calculating depreciation. The decision was based on a previous ruling in CIT v. Bhandari Capacitors Private Ltd. The court's answer to the question was in favor of the assessee, and each party was ordered to bear their own costs.