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of <h1>Government grant for corporation's permanent exhibition fund deemed non-taxable capital receipt</h1> <h3>Commissioner Of Income-Tax Versus Tamil Nadu Tourism Development Corporation Ltd.</h3> The High Court of Madras upheld the Tribunal's decision that a grant of Rs. 5 lakhs by the Government to a corporation was a capital receipt earmarked for ... Income, Capital Receipt The High Court of Madras ruled that a grant of Rs. 5 lakhs by the Government to a corporation was a capital receipt earmarked for a specific purpose and not taxable income. The Tribunal's decision was upheld, stating that the amount was received as capital funds for creating a permanent exhibition fund. The grant was for a specific purpose and considered a capital receipt, not taxable income.
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