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Income Tax - Highlights / Catch Notes

Home Highlights September 2020 Year 2020 This

Disallowance of depreciation - capital subsidy received under ...

Income Tax

September 17, 2020

Disallowance of depreciation - capital subsidy received under Technology Upgradation Fund (TUF) scheme - the said capital subsidy need to be directly credited only to capital reserve and not to be reduced from the value of plant and machinery as per Explanation-10 to Section 43(1) of the Act. - AT

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  2. Taxability of subsidy received under TUF scheme - revenue or capital receipts or reduction in value of fixed assets - to reduce from the cost of asset, the subsidy...

  3. Nature of subsidy received under the Technology Upgradation Fund Scheme - revenue or capital receipt - The subsidy was clearly for the purpose of upgrading the machinery...

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  10. Depreciation on Capital subsidy - subsidy was granted for the specific purpose of technology up-gradation - for the purpose of computing depreciation allowable to the...

 

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