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Section 43(1) of the Income-tax Act, 1961 - Actual cost - Whether cost of plant and machinery could not be reduced by amount of subsidy received by assessee-company from Government for computing depreciation and investment allowance admissible to it - Held, yes FACTS The Tribunal held that the cost of the plant and machinery could not be reduced by the amount of subsidy received by the assessee-company from the Government for computing the depreciation and investment allowance admissible to it On reference: HELD Following the decision of the same High Court in Srinivas Industries v. CIT [1991] 188 ITR 22 , it was to be held that the Tribunal's order was justified. Note: The case was decided in favour of the assessee. CASE REFERRED TO Srinivas Industries v. CIT [1991] 188 ITR 22 (Mad.). N.V. Balasubramaniam for the Applicant. Ramgopal for the Respondent. JUDGMENT Ratnam, J.-In this tax case reference under section 256(1) of the Income-tax Act, 1961, at the…

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