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2004 (4) TMI 46 - HC - Income TaxCapital receipt or revenue receipt - entertainment subsidy - business of exhibiting the films - Whether the Tribunal was justified in holding that a sum of Rs. 2,19,399 received by the assessee towards entertainment subsidy cannot be regarded as a revenue receipt - Whether, in the absence of any detailed discussion/examination of nature of subsidy received by the assessee by way of entertainment subsidy, could the Tribunal record a finding against the assessee, by merely relying upon the law laid down by the Supreme Court in Sahney Steel and Press Works Ltd. v. CIT - 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. - we have not examined the issue on the facts nor applied our mind to the facts and hence the Tribunal will decide the appeal strictly on its merits
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