No Tax on LPG Subsidy

Extract of Clause (xviii) of Section 2 (24) as inserted vide official amendment to the Finance Bill 2015 as passed by the Lok Sabha related to Tax on Subsidy “(xviii) assistance in the form of a subsidy or grant or cash incentive or duty drawback or waiver or concession or reimbursement (by whatever name called) by the Central Government or a State Government or any authority or body or agency in cash or kind to the assessee other than the subsidy or grant or reimbursement which is taken into account for determination of the actual cost of the asset in accordance with the provisions of Explanation 10 to clause (1) of section 43;”