COMMISSIONER OF INCOME TAX vs MEGHALAYA STEELS LTD.

Authority: Supreme Court Date: 2016-03-09 AY: 2004-05 Section: 80-IB, 260A, 56, 57(iii) Acts: Income Tax Act 1961 Result: Assessee Citation: (2016) 284 CTR 0321 (SC) : (2016) 132 DTR 0273 (SC) : (2016) 383 ITR 0217 (SC) : (2016) 238 TAXMAN 0 Justices: KURIAN JOSEPH & R. F. NARIMAN, JJ. Appeal No: CIVIL APPEAL NO. 7622 OF 2014 & 8493 OF 2012, 8494 OF 2012, 8496 OF 2012, 2
Whether subsidies received by an industrial undertaking (transport, interest, power subsidies) qualify as 'profits and gains derived from' the business for deduction under Sections 80-IB and 80-IC of the Income Tax Act, 1961 --- Held Yes, as they directly reduce manufacturing/sales costs and have a close nexus with the business.

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