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of <h1>Entertainment subsidy treated as revenue receipt for tax purposes</h1> <h3>The Commissioner of Income Tax-9 Versus M/s. Nikmo Entertainment Pvt. Ltd.</h3> The Bombay HC dismissed the appeal for Assessment Year 2008-09 as the subsidy of entertainment duty given to the Assessee was deemed a revenue receipt in ... Revenue receipt or capital receipt - entertainment duty subsidy - applicability of decision in Sahney Steel and Press Works Ltd. v. CIT [1997 (9) TMI 3 - SUPREME Court] - Held that:- In the present appeal that subsidy of entertainment duty given to the Assessee by the State Government is in the nature of Revenue receipt has been held by this Court in case of Commissioner of Income Tax-1, Kolhapur vs. Chaphalkar Brothers, reported in [2013 (6) TMI 73 - BOMBAY HIGH COURT] The Bombay High Court dismissed the appeal for Assessment Year 2008-09 as subsidy of entertainment duty given to the Assessee was considered a revenue receipt based on a previous court ruling.
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