Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2008 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2008 (1) TMI 537 - HC - Income TaxWhether on the facts and in the circumstances of the case, the amounts of Rs. 23,37,224, Rs. 59,88,360 and Rs. 74,92,486 received by the assessee as export subsidy from the Reserve Bank of India were chargeable as interest under the Interest-tax Act, 1974 for the assessment years 1981-82, 1982-83 and 1983-84 respectively - It is only to make up the loss on interest that the assessee is suffering due to the export credit subsidy scheme that the Reserve Bank of India is compensating the assessee - Any amount received by the assessee from the Reserve Bank of India would be in the nature of export credit subsidy or compensation for loss of interest, by whatever name it may be called - Since the amount received by the assessee is not relatable to a loan or advance given by the assessee to the Reserve Bank of India - Decided in favor of the assessee
|