1988 (8) TMI 36 - HC - Income Tax

Summary

The High Court of Madhya Pradesh ruled that a capital subsidy received by an assessee would not reduce the cost of assets for depreciation purposes, in accordance with section 43(1) of the Income-tax Act. The decision was based on a previous court ruling and was in favor of the assessee. The court's answer to the question referred was affirmative, and each party was ordered to bear their own costs.