2018 (5) TMI 1738 - SCH - Income Tax

Nature of receipt under the subsidy scheme - whether was not in the nature of a helping hand to the trade but was capital in nature - subsidy scheme of the State Government took the form of an exemption of entertainment duty in Multiplex Theatre Complexes newly set up for a period of three years and thereafter payment of entertainment duty @ 25% for the subsequent two years - Held that - In view of the judgment in Commissioner of Income-Tax I Kolhapur Vs. M/s. Chaphalkar Brothers Pune (2017 (12) TMI 816 - SUPREME COURT) these appeals also stand dismissed.

Summary

The Supreme Court of India, in a judgment by Mr. Rohinton Fali Nariman and Mr. L. Nageswara Rao JJ., dismissed the appeals based on a previous judgment dated 07.12.2017 in Commissioner of Income-Tax I, Kolhapur Vs. M/s. Chaphalkar Brothers Pune (Civil Appeal Nos. 6513-6514 of 2012 Etc. Etc.).