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TMI Blog2019 (6) TMI 1625X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of Tamil Nadu originally in the form of grant and subsequently it was classified as interest free loan vide G.O. (Ms) No.22, dated 03.02.2016. Therefore, this amount cannot be treated as grant attracting Explanation 10 to Section 43(1) of the Act. In the circumstances, the order of the ld. CIT(A) is based on the proper appreciation of evidence on record. We do not find any perversity in findings of the ld. CIT(A) - Decided against revenue. - I.T.A. Nos. 344 & 345/CHNY/2019 - - - Dated:- 13-6-2019 - Shri N.R.S. Ganesan, Judicial Member And Shri Inturi Rama Rao, Accountant Member For the Appellant : Shri. R. Clement Ramesh Kumar, Add. CIT. For the Respondent : Ms. S. Sriniranjani, Advocate. ORDER Per Inturi Rama ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de and that of the Assessing Officer restored . 5. The brief facts of the case are as under: The respondent-assessee namely Tamilnadu Maritime Board is a entity owned and controlled by the Government of Tamil Nadu and assessed to tax in the status of AOP. The object for which the entity is set up is to develop infrastructure development of minor ports in the state of Tamil Nadu. The return of income for the AY 2014-15 was filed on 29.09.2014 disclosing total income of ₹ 2,87,28,520/-. Against the said return of income, the assessment was completed by the Dy. CIT, Non Corporate Circle-2, Chennai (hereinafter called AO ) vide order dated 30.12.2016 passed u/s. 143(3) of the Income Tax Act, 1961 (in short the Act ) at total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reduced by that portion of the cost thereof, if any, as has been met directly or indirectly by any other person or authority: Explanation 1...................... 2....................... 3....................... 10. Where a portion of the cost of an asset acquired by the assessee has been met directly or indirectly by the Central Government or a State Government or any authority established under any law or by any other person, in the form of a subsidy or grant or reimbursement (by whatever name called), then, so much of the cost as is relatable to such subsidy or grant or reimbursement shall not be included in the actual cost of the asset to the assessee : Provided that where such subsidy or grant or rei ..... X X X X Extracts X X X X X X X X Extracts X X X X
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