TMI Blog2005 (3) TMI 773X X X X Extracts X X X X X X X X Extracts X X X X ..... 1961 (hereinafter referred to as the Act ) at the instance of the revenue for opinion to this Court : Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the amount of subsidy received is not deductible from the actual cost of the assets whereas in view of the provision as laid down in section 43(1), the amount of subsidy should be deductible fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s out of his salary and to her attendant facts and circumstances of the case, the Tribunal was legally correct in upholding the disallowance of interest amounting to ₹ 59,250 ? 3. Whether even on the face of undisputed that the assessee is a public limited company and the debit balance in the account of its Managing Director/salaried employee was fully covered by its capital base, the T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ile computing the actual cost under section 43(1) of the Act. 6. Respectfully following the aforesaid decision of the Apex Court, we answer the question referred to us in the affirmative, i.e., in favour of the assessee and against the revenue. 7. As nobody has appeared on behalf of the assessee to press the questions referred at its instance, the questions referred to us on behalf of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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