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2016 (8) TMI 695 - AT - Income TaxDetermine the character of subsidy in hands of recipient - whether Revenue or capital - Held that:- The subsidy in the present case under the incentive scheme 2001 for economic development of Kutch District was aimed at making the economic environment of Kutch District live as the economic activity in the District of Kutch came to a stand still on account of the devastating earth quack in the state on 26th January 2001 and the aim was to create new employment opportunities if new investment takes place. Having gone through the preamble of the “Incentive Scheme 2001 for Economic Development of Kutch District” come to the conclusion that the incentive given in the present case to the assessee was capital in nature. We thus while setting aside the orders of the authorities below in this regard direct the Assessing Officer to allow the claim of assessee.
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