9911796707
TMI Blog2007 (11) TMI 243X X X X Extracts X X X X X X X X Extracts X X X X ..... was not right in law in allowing a sum of Rs. 67,237 paid on account of rent - Tribunal was right in law in directing the Assessing Officer not to reduce the amount of subsidy to arrive at the actual cost of assets u/s 43(1) for allowing depreciation – appeal partly allowed X X X X Extracts X X X X X X X X Extracts X X X X ..... tannia Industries Ltd. v. CIT [2005] 278 ITR 546 (SC) ; [2006] 1 SCC 646, where in paragraph 29 (page 657) the apex court held as under (page 558): "The only question which we are called upon to consider in the instant case is whether the expression 'premises and buildings' referred to in sections 30 and 32 and used for the purposes of business or profession would include within its scope and amb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... would cause violence to the provisions of the statute. If the Legislature had intended that deduction would be allowable in respect of all types of buildings/ accommodations used for the purposes of business or profession, then it would not have felt the need to amend the provisions of section 37 so as to make a definite distinction with regard to buildings used as guest houses as defined in sub- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7, has decided the same question against the Revenue, in view of the law laid down by the apex court in CIT v. P. J. Chemicals Ltd. [1994] 210 ITR 830 (SC) ; MR 1994 SC 2727, wherein it was held as follows (headnote of MR1994 SC 2727) "The expression 'actual cost' needs to be interpreted liberally. The subsidy of the nature granted by Government to industries, does not partake of the incidents w ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
