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2013 (11) TMI 1524 - AT - Income TaxBenefit of deduction under section 80-IC denied - transport subsidy, interest subsidy and power subsidy - Held that:- Respectfully following the decision of Commissioner of Income-tax Versus Meghalaya Steels Ltd. and M/s Pride Coke Pvt. Ltd. [2013 (7) TMI 175 - GAUHATI HIGH COURT] we allow the appeals of the assessee and direct the Assessing Officer to allow the deduction, to the assessee under section 80-IC treating all the aforesaid subsidies received to be part of the business profit and gains from the industrial undertaking in accordance with law. Thus, the grounds taken by the assessee are allowed. - Decided in favour of assesse.
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