Govt Grants Received in Lieu of FRP need not be Reduced from Cost of Capital Assets: ITAT [Read Order]

Govt Grants Received in Lieu of FRP - FRP - Cost - Cost of Capital Assets - ITAT - taxscan

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the government grants received in lieu of Financial Restructuring Plant (FRP) need not be reduced from the cost of capital assets. The case of the assessee, Gujarat Urja Vikas Nigam Ltd was reopened exercising revisionary jurisdiction finding the assessment order to be erroneous…

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