2007 (5) TMI 688

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... he Income Tax Act, 1961 is as follows: Whether on the facts and in the circumstances of the case, the Appellate Tribunal erred in law in holding that the Central Subsidy received by the assessed under 10% Central Outright Grant Scheme 1971 in respect of the backward area of Parwanoo in Himachal Pradesh could not go to reduce the cost of the plant machinery for the purposes of calculating the .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ified as or geared to the percentage of such cost. It does not partake the character of a payment intended either directly or indirectly to meet the actual cost . In this view of this, the Supreme Court decided the question in favor of the assessed. 4. Following the decision of the Supreme Court, we answer the question referred to us in the affirmative, in favor of the assessed and against the .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X