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1988 (8) TMI 34 - HC - Income TaxExtract: .......dy cannot be regarded as income. In the circumstances, I hold that the Tribunal was justified in coming to the conclusion that the subsidy of Rs. 50,000 is not taxable in the hands of the assessee as a revenue receipt. I, accordingly, answer the question in the affirmative, that is to say in favour of the assessee and against the Revenue. No costs.
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