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2001 (9) TMI 12 - HC - Income Tax"1. Whether, the Appellate Tribunal is right in law and on facts in holding that the subsidy amount should not be deducted from the cost of plant and machinery for allowing depreciation, investment allowance and for computation of capital employed under section 80J of the Income-tax Act, 1961? - 2. Whether, the Appellate Tribunal is right in law and on facts in holding that for working out relief under section 80HH of the Act, initial depreciation has not to be deducted from the profits of the company?" - our answer to question No. 1 is in the affirmative, i.e., in favour of the assessee and against the Revenue. - our answer to question No. 2 is in the affirmative, i.e., in favour of the Revenue and against the assessee.
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