1982 (7) TMI 161 - AT - Income Tax

Summary

The judgment by the Appellate Tribunal ITAT Jabalpur held that the subsidy received by a cooperative society from the Government of Madhya Pradesh was not liable to be included in its total income. The subsidy was considered a capital receipt for specific purposes and not a revenue receipt, therefore excluded from taxable income. The appeals and cross objections were dismissed and rejected. (Case: 1982 (7) TMI 161 - ITAT JABALPUR)