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2016 (6) TMI 560 - HC - Income TaxSubsidy receipt - merely because the subsidy is transferred to the capital account of the partners, the cost of assets could be reduced by the said amount while working out the depreciation allowance? - Held that:- Subsidy which was received against the investment was made in a backward area where industries were not present. The same was for promotion and that will not reduce the value of the assets. In that view of the matter, considering the evidence on record, both the issues, i.e. issue No.1 and 2 are required to be answered in favour of the assessee.
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