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Commissioner of Income Tax Versus Ponni Sugars & Chemicals Ltd.

2002 (12) TMI 632 - MADRAS HIGH COURT

TCR NOS. 186 TO 188 OF 1999 - Dated:- 3-12-2002 - N.V. BALASUBRAMANIAN AND K. RAVIRAJA PANDIAN, JJ. Shri T. Ravikumar for the Applicant. Shri S.A. Balasubramanian for the Respondent. JUDGMENT N.V. Balasubramanian, J. - The Income-tax Appellate Tribun .....

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rovided by the Government of India and also subsidy given by the State Government are capital receipts not liable to tax? 2. Whether on the facts and in the circumstances of the case the Tribunal is correct in law in holding that there is diversion o .....

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tatutory obligation will not form part of the assessee s total income?" 2. Insofar as the first question of law referred to us is concerned, it is fairly stated by the counsel for the Revenue that the incentive provided by the Government of Indi .....

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of 1996 by judgment dated 16-9-2002 considered the similar issue and has taken the view that the subsidy amount received by the assessee would be capital receipts. Accordingly, the Tribunal was not correct in holding that the incentives provided by t .....

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we hold that the Tribunal was correct in holding that the subsidy given by the State Government is capital receipt and not liable to tax. In view of the answer given to the first question, we are of the view that it is not necessary for us to answer .....

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