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2015 (10) TMI 1878 - AT - Income TaxDisallowance on account of depreciation - grant of subsidy by the DIC - Held that:- The basic requirement is that the cost of an asset should be made by the grant of subsidy. As against that, the Assessing Officer has mentioned that the subsidy was in the form of liability which was to be re-paid by the assessee may be after a long period of 15 years. The Assessing Officer has not examined the exact claim of subsidy pronounced by the appropriate authority as also the terms of clauses of re-payment of the subsidy granted. The first appellate authority has also not appreciated this fact although it was very much mentioned in the assessment order. Therefore, in the interest of natural justice, this issue should go back to the file of the Assessing Officer to re-examine the facts of the case after perusing the scheme under which the subsidy was granted. Resultantly, the ground is restored back for denovo consideration by the Assessing Officer and, hence, this ground may be treated as allowed for statistical purposes only. - Decided in favour of assessee for statistical purposes.
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