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2011 (3) TMI 1438 - HC - Income TaxWhether subsidy received by the assessee is to be treated as capital receipt and the same is not taxable - assessee pointed out that by mistake, it had treated the power subsidy receipt from the Pondicherry Government as revenue receipt instead of capital receipt - assessee claimed subsidy received as a capital receipt – Held that:- the subsidy granted was on the power consumption in the manufacturing activities and not for setting up of the industry. - assessee is not entitled to have the receipt treated as a capital receipt, order of the Tribunal set aside, receipt of subsidy is revenue receipt and not as capital receipt [Sahney Steel and Press Works Ltd. (1997 - TMI - 5620 - SUPREME Court)]
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