Subsidy not to be reduced from Actual Cost of Fixed Assets u/s 43(1) for purpose of Calculation of Depreciation: ITAT [Read Order]

Subsidy - actual cost - fixed assets - calculation of depreciation - ITAT - Taxscan

The Income Tax Appellate Tribunal (ITAT), Pune has ruled that, Subsidy is not to be reduced from the actual cost of fixed assets under Section 43(1) for purpose of calculation of depreciation. The appellant company, Atharva Polymers Private Limited, is engaged in the business of manufacturing all kinds of plastic materials of injection molding for…

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