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Investment Subsidy

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(Querist)
17 December 2010 Whether Investment subsidy received under Industrial Policy of State Government to put up industry in backward areas,given to tiny industries is taxable under Income Tax Act ?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
17 December 2010 This is a capital investment subsidy and totally tax free. Also such subsidy should be reduced from the cost of the asset vide explanation 10 to section 43(1) of the Income tax Act,1961.
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