Transport subsidy received by an industrial undertaking under a scheme of Central Government is not eligible for deduction u/s 80-IA

JUDGEMENT Deepak Gupta, J. (oral) These appeals are being disposed of by a single judgement as the question of law involved in both the appeal is the same and reads as follows: “1.Whether the ITAT was right in law in holding that `Freight Subsidy’ received from the Govt. by the assessee is allowed to be included as profits derived from the industrial undertaking and eligible for deduction under Section 80-1A of the Income Tax Act, 1961, when it has been clearly laid down by the Supreme Court in its decision in the case of CIT vs. Cambay Electric supply Industrial Co. Ltd., 113 ITR ...