Subsidy received for setting up of or expansion of industry: Whether ‘Capital receipt’ or a ‘Revenue Receipt’

Advocate Akhilesh Kumar Sah LG Electronics India Pvt. Ltd. vs. ACIT (ITAT Delhi) Explanation 10 of clause (1) to section 43 of the Income Tax Act, 1961 (‘the Act’ for short) explains that 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 ...