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2008 (7) TMI 345 - HC - Income TaxAssessee is carrying on the business of exhibition of cinema films - assessee had received grants-in-aid in the form of entertainment tax rebate - held that the grant-in-aid received from the State Government by the cinema owners is capital receipt. That being the position, the assessee had rightly not included in its income the grant-in-aid. Consequently, no penalty is exigible. The order of the Tribunal of cancelling the penalty does not give rise to any substantial question of law
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