Supreme Court of India
M/s. Mepco Industries Ltd. v. Commissioner of Income Tax Company Circle
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the view that this object cannot be viewed in isolation since an industrial incentive may undoubtedly have the broad economic objective of encouraging industrialisation, employment or development of a backward region, while the particular financial assistance granted under the scheme may nevertheless be intended to meet an operational cost of an industry which has already commenced production.
Judgment, page 9
In brief
The appellant, a limited company manufacturing potassium chlorate, received Rs. 16,20,745/- as electricity subsidy from the Government of Pondicherry for Assessment Year 1997-98 under a Scheme of Power Subsidy operative since 27.11.1975, whose stated object was to foster industrial growth in the Union Territory. Under the revised pattern, the subsidy was payable for five years from the date the unit went into production, quantified at 33⅓% of actual energy charges paid in the first three years, 20% in the fourth and 10% in the fifth year, subject to a ceiling, and was adjusted against current consumption bills.…
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