Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2004 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2004 (9) TMI 94 - HC - Income TaxPower subsidy – capital/revenue receipt - "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the assessee was correct in claiming power subsidy as capital receipt?" - if subsidy is for setting up of a plant/industry then it can be regarded as a capital receipt but if subsidy is granted for running the industry/business then it can be regarded as a revenue receipt - Held that the Tribunal was not right in holding that the power subsidy is a capital receipt. Instead we hold by answering the question that power subsidy received by the assessee is a revenue receipt.
|