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2015 (1) TMI 1242 - HC - Income TaxEntitlement to deduction under Section 80IC - ITAT allowed the claim treating the transport and interest subsidy as part of the business profit - Held that:- The point raised before the learned Tribunal is really covered by the judgment of the Guwahati High Court in the case of Commissioner of Income Tax –Versus-Meghalaya Steels Ltd (2013 (7) TMI 175 - GAUHATI HIGH COURT ) wherein it was held, that where there was a direct nexus between the subsidies, on the one hand, and the profits and gains derived by, or derived from, the industrial undertakings concerned the assessee was entitled to claim deduction either under Section 80-IB or under Section 80-IC on the transport subsidy, interest subsidy, power subsidy and insurance subsidy. We are in full agreement with the views expressed by the Guwahati High Court and of the opinion that the judgment of the learned Tribunal is unexceptionable.
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