Shiv Shakti Flour Mills (P.) Ltd. v. CIT

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The Tax Publishers2020 TaxPub(DT) 1353 (SC)

INCOME TAX ACT, 1961

Section 4

High Court in assessee's case in Income Tax Appeal No. 6/2014 for the subsequent assessment year 2001-2002 had answered the question in favour of assessee on the basis of exposition of this Court in particular in 'Jai Bhagwan Oil & Flour Mills v. UOI & Ors.' (2009) 14 SCC 63.

Income - Capital or revenue receipt - Transport subsidy from government -

Assessee company received transport subsidy from government and said subsidy received was held to be a supplementary trade receipt and not capital inflow and thus the concerned amount was added to income of assessee. However, assessee stated that since subsidy received was for the benefit of public at large, it should be considered as revenue receipt. High Court had dismissed the appeal of assessee. Held: High Court in assessee's own case in Income Tax Appeal No. 6/2014 for the subsequent assessment year 2001-2002 had answered the question in favour of assessee on the basis of exposition of this Court in particular in 'Jai Bhagwan Oil & Flour Mills v. UOI & Ors.' (2009) 14 SCC 63.

REFERRED :

FAVOUR : In assessee's favour

A.Y. :

IN THE SUPREME COURT OF INDIA