1991 (1) TMI 32

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..... Income tax Appellate Tribunal has referred the following question of law for the decision of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the subsidy received from the Central Government is not to be deducted from the cost of the assets to arrive at the actual cost to the assessee of the assets ?" The respondent is a pub .....

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..... e-tax (Appeals) directed the Income-tax Officer to allow the depreciation and investment allowance without reckoning the subsidy amount from the value of the assets. This decision was affirmed by the Income-tax Appellate Tribunal. The Appellate Tribunal also found that the decision is in conformity with the decision of the Special Bench of the Tribunal in the case of Pioneer Match Works v. ITO. It .....

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..... Commissioner of Income-tax (Appeals) for both the years holding that the assessee is entitled to the relief of depreciation, investment allowance and other deductions without deducting the subsidy amount from the cost of the assets. We answer the question referred to this court in the affirmative, against the Revenue and in favour of the assessee.    
Case laws, Decisions, Judgem .....

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