Central Investment subsidy
This query is : Resolved
Sterling Chemicals
(Querist)
14 September 2021
*We availed term loan of 1Cr from Axis Bank in March 2019 for expansion of our chemical plant.
*We made an application for 15 Lakh Central Investment subsidy in March 2020.
*We also completed our expansion during this period.
*In June 2020,we paid entire loan from the earnings of company.
*Recently Axis bank rejected our subsidy claim on the ground that the loan should not have been paid before 3 years.
*Our argument is that it is subsidy on Plant & machineries & it has nothing to do with loan repayment.
Can someone throw light on this?
*We made an application for 15 Lakh Central Investment subsidy in March 2020.
*We also completed our expansion during this period.
*In June 2020,we paid entire loan from the earnings of company.
*Recently Axis bank rejected our subsidy claim on the ground that the loan should not have been paid before 3 years.
*Our argument is that it is subsidy on Plant & machineries & it has nothing to do with loan repayment.
Can someone throw light on this?
CA R SEETHARAMAN
(Expert)
14 September 2021
Your argument is right the subsidy is on investment in plant and machinery and nothing to do with loan repayment.
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