The Tax Publishers2020 TaxPub(DT) 2441 (Pune-Trib)

INCOME TAX ACT, 1961

Section 4

Sales-tax subsidy received by assessee under PSI, 2007 Scheme was capital receipt not chargeable to tax.

Income - Capital or revenue receipt - Sales tax subsidy under PSI, 2007 -

Assessee received sales-tax subsidy under PSI, 2007. AO taxed the same as revenue receipt.Held: Sales-tax subsidy received by assessee under PSI, 2007 Scheme was capital receipt not chargeable to tax.

Relied:Innoventive Industries Limited (Erstwhile Arihant Domestic Applicances Ltd. v. Dy. CIT [[ITA No.601/PN/2013, assessment year 2009-10, decided on 24-3-2017].

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2012-13


INCOME TAX ACT, 1961

Section 14A

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