USA is not a person or authority under the Indian Income Tax Act

Advocate Akhilesh Kumar Sah USA is not a person or authority under the Indian Income Tax Act, subsidy or grant received from it does not attract Explanation 10 to section 43(1), extraction of coal from mines and processing thereof tantamounts to production Explanation 10 to section 43(1) of the Income Tax Act, 1961 (hereinafter referred to as the ‘Act’) 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, ...