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SC Upholds Section 80-IB Deduction on Transport, Interest & Power Subsidies
Case Law Details
- Case Name
- CIT Vs Meghalaya Steels Ltd. (Supreme Court of India)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Supreme Court of India
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CIT Vs Meghalaya Steels Ltd. (Supreme Court of India)
The Supreme Court considered a batch of appeals arising from the State of Meghalaya concerning the availability of deductions under Sections 80-IB and 80-IC of the Income Tax Act, 1961 in respect of transport, interest, power and insurance subsidies received by eligible industrial undertakings. The lead matter involved Meghalaya Steels Ltd., which had claimed deduction under Section 80-IB after receiving transport subsidy, interest subsidy and power subsidy. The Assessing Officer treated the subsidies as revenue receipts but denied deductio...
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