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2019 (6) TMI 251 - CALCUTTA HIGH COURTProportionate deduction during the year on account of premium payable on debentures - deferred revenue expenses - HELD THAT:- The questions of law involved in UNIVERSAL CABLES LTD. VERSUS CIT [2000 (3) TMI 50 - CALCUTTA HIGH COURT] were identical to those involved here. The Division The Division Bench relying on the Supreme Court decision in the case of Madras Industrial Investment Corporation Ltd. Versus CIT [1997 (4) TMI 5 - SUPREME COURT] answered the question in favour of the assessee. Cash subsidy received in earlier year on generator - whether deductible from its cost for the purpose of computing depreciation allowable to the assessee company during the year? - HELD THAT:- Issue answered in favour of the assessee by relying on another Supreme Court decision in the case of CIT Versus P. J. Chemicals Ltd. [1994 (9) TMI 1 - SUPREME COURT] Both the questions are answered in the negative in favour of the assessee.
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