Capital Grant Receipt for Assets with Depreciation Rate Differing from 15% to be Calculated to Applicable Rate: ITAT directs Re-Adjudication [Read Order]

The capital grant receipt in respect of asset, on which depreciation was allowable at the rate different from 15% should be worked out as per the applicable rate
ITAT - ITAT Ahmedabad - Capital Grant Receipt - Income Tax - TAXSCAN

The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) directed re-adjudication for the calculation of capital grant receipts for assets with depreciation rates differing from 15% to be done at the applicable rate. Cross appeals were filed by the assessee and the revenue against separate appellate orders dated 30.03.2023 issued by the…

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