Nature/Character of receipt - subsidy receipt - revenue or ...

Subsidy Receipts Misclassified as Revenue: Section 2(24)(xviii) Inapplicable Due to Assessment Year Preceding Proviso Insertion.

July 31, 2023

Case Laws Income Tax AT

Nature/Character of receipt - subsidy receipt - revenue or capital receipt - Applicability of purpose test - section 2(24)(xviii) would be attracted, in principle, but would not apply as the assessment year under consideration is prior to the insertion of the proviso. It is, therefore, held that the authorities below were not justified in treating the amount of subsidy as a ‘Revenue’ receipt chargeable to tax. - AT

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Nature/Character of receipt - subsidy receipt - revenue or ...

Subsidy Receipts Misclassified as Revenue: Section 2(24)(xviii) Inapplicable Due to Assessment Year Preceding Proviso Insertion.

July 31, 2023

Case Laws Income Tax AT

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