Case Law Details
Case Name : M/s Deepak Spinners Ltd Vs DCIT (ITAT Kolkata)
Related Assessment Year : 2012-13
Courts :
All ITAT ITAT Kolkata
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M/s Deepak Spinners Ltd Vs DCIT (ITAT Kolkata)
We note that the issue under consideration whether the subsidy received under TUF scheme is a capital receipt or revenue receipt. The ld. CIT(A) treated it as part of fixed assets and held that said subsidy should be reduced from the cost of fixed assets.
Held by ITAT- We note 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 State Government in the form of subsidy then so much of the cost as is relatable to such subsidy shall not be included in the actual cost of...
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machinery subsidy taxable or non taxable