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2004 (11) TMI 55 - HC - Income TaxSubsidy received - "1. Whether the Tribunal was justified in holding that the subsidy received by the assessee under the M.P. Naya Cinema Gharon Ke Nirman Ko Protsahan Yojna Ke Sahayata Anudan Niyam, 1982, from the State Government was a revenue receipt,?" - As a necessary consequence, we remand the case to the Tribunal to decide the aforesaid appeal afresh, keeping in view the law laid down by the Supreme Court in Sahney Steel's case - It is only after examining the characteristic and nature of the scheme pursuant to which the assessee claimed to have received the entertainment subsidy and the law on the subject, the Tribunal will record a finding on the merits, as to what is the true character of the subsidy-capital or revenue - and whether the assessee is entitled to claim deduction or not.
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