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| The Tax Publishers2020 TaxPub(DT) 2122 (Coch-Trib) INCOME TAX ACT, 1961
Section 4 Section 10(30)
Even if section 10(30) was not applicable, subsidy received from Tea Board under Special Purpose Tea Fund Scheme was for replantation, replacement planting and rejuvenation planting of tea bushes, and it could be only termed as a capital receipt, and not revenue receipt.
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Income - Capital or revenue receipt - AO disallowed deduction under section 10(30) and taxed subsidy received from Tea Board under special purpose Tea Fund Scheme -
Assessee claimed deduction under section 10(30) in respect of subsidy received from Tea Board under Special Purpose Tea Fund Scheme. Since Special Purpose Tax Fund Scheme was yet to be notified by Central Government, AO held that assessee was not eligible for exemption under section 10(30) and, therefore, AO taxed the same. Held: Even if section 10(30) was not applicable, since subsidy was given for replantation, replacement planting and rejuvenation planting of tea bushes, it could be only termed as a capital receipt, and not revenue receipt.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2012-13 & 2014-15
INCOME TAX ACT, 1961
Rule 8
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