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Transport Power and Interest subsidies received by an Industrial Undertaking - Eligibility for deduction under sections 80-IB 80-IC etc. of the Income-tax Act 1961- Reg.

Income Tax - 39/2016 - Dated:- 29-11-2016 - CIRCULAR NO. 39/2016 F.No.279/Misc./140/2015/ITJ GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI Dated 29th November, 2016 Subject: The issue whether revenue receipts such as transport, power and interest subsidies received by an Industrial Undertaking/ eligible business are part of profits and gains of business derived from its business activities within the meaning of sections 80-IB/80-IC of the I .....

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nd interest given by the Government to the Industrial Undertaking are receipts which have been reimbursed for elements of cost relating to manufacture/ sale of the products. Thus, there is a direct nexus between profit and gains of the industrial undertaking/ business and reimbursement of such business subsidies. Accordingly, such subsidies are part of profits and gains of business derived from the Industrial Undertaking and are not to be included under the head 'Income from other sources .....

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