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2023 (6) TMI 877 - AT - Income TaxGrant received under Sampoorna Gramin Swarojgar Yogna (‘SGSY’) from Government - Nature of receipt - revenue or capital receipt - HELD THAT:- This issue is covered in favour of the assessee in assessee’s own case by the Co-ordinate Bench of this Tribunal [2016 (11) TMI 526 - ITAT AHMEDABAD] held that the sum receipt on account of grant under SGSY as not revenue receipt. Depreciation claimed on the portion of plant and machinery acquired through grant/subsidy received from NDDB under 70% loan and 30% grant scheme - HELD THAT:- This issue is also covered in favour of the assessee in assessee’s own case [2015 (6) TMI 517 - ITAT AHMEDABAD] for the Assessment Years 2002-03 to 2007-08 relying upon the judgment of the Kerala High Court in the case of Sun fiber Optics (P.) Ltd. [2012 (6) TMI 502 - KERALA HIGH COURT] and also assessee’s own case for the AY 2010-11 - Decided in favour of assessee. Disallowance u/s. 80P(2)(d) - interest paid by the assessee to various co-operative banks/ Societies/Bodies exceeded the income earned from its investment with Bank/Co-operative Societies - HELD THAT:- In the present case, own funds to the tune of Rs. 332.41 crores available as per the balance sheet as against, this the investments by way of fixed deposits with Cooperative Banks and Societies was Rs. 68.50 crores only. Thus the said deposits is made out of own non-interest bearing funds. Therefore the disallowance u/s. 80P(2)(d) is unwarranted and liable to be allowed.
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