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2023 (6) TMI 611 - AT - Income TaxNature of receipt - interest subsidy received under technology upgradation fund scheme - revenue or capital receipt - HELD THAT:- As decided in assessee own case [2020 (3) TMI 942 - ITAT MUMBAI] issue is squarely covered in favour of the assessee wherein it has been held that interest subsidy received under technology upgradation fund scheme, though credited in the net off against the interest expenditure in the books of account is still capital in nature and therefore not chargeable to tax. Further the argument of the learned departmental representative has also been negated about the applicability of explanation 10 to section 43 (1) of the act by the decision of the coordinate bench in case of orbit exports [2020 (9) TMI 617 - ITAT MUMBAI]. In view of this both the grounds of appeal raised by the learned assessing officer are dismissed.
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