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2015 (12) TMI 125 - AT - Income TaxDeduction u/s. 80IC on transport subsidy and interest subsidy - Held that:- As decided in CIT Vs. Meghalaya Steels Ltd. & Pride Coke Pvt. Ltd. [2013 (7) TMI 175 - GAUHATI HIGH COURT] under this Scheme, the insurance premium paid by eligible industrial units (under such scheme), set up in the North Eastern Region, are reimbursed by the nodal insurance company - The insurance subsidy, thus, helps in reducing the running cost of the industrial unit concerned establishing thereby direct and first degree nexus between the industrial activities of the assessee-respondents concerned, on the one hand, and the subsidy, in the form of insurance subsidy, on the other, received by the assessee-respondents. The resultant profits and gains, derived from, or derived by, an industrial undertaking, because of the insurance subsidy, have to be treated as deductible in terms of the provision of Section 80IB or 80IC - Decided in favour of Assessee.
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