2013 (2) TMI 809 - HC - Income Tax

Wind power policy benefits deemed capital, not taxable

The High Court of Bombay held that the benefits from the wind power generation policy were capital in nature and not subject to tax liability. - TMI Admission granted on the following substantial question of law: whether the benefit received by the appellant on account of the policy on wind power generation was capital in nature and, therefore, not liable to tax. The High Court of Bombay heard the case regarding the tax liability on benefits from a wind power generation policy. The substantial question of law was whether the benefit was capital in nature and not taxable.