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Case Law Details

Case Name : LG Electronics India Pvt. Ltd. Vs. ACIT (ITAT Delhi)
Related Assessment Year : 2008- 09
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It is an admitted position that the assessee treated the amount of subsidy as a capital receipt, but, did not reduce it from the value of fixed assets and eventually claimed depreciation on the higher value of assets without reduction of such subsidy. To deal with such a situation, the Finance Act, 2015, w.e.f. 1-4-2016, has enlarged the definition of income given u/s 2(24) by inserting sub-clause (xviii), which reads as under:-

`(xviii) assistance in the form of a subsidy or grant or cash incentive or

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