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of <h1>Supreme Court reclassifies power subsidy as revenue, impacting taxation</h1> <h3>Commissioner of Income Tax Versus Rajaram Maize Products</h3> The Supreme Court allowed the appeal, overturning the Tribunal's decision on power subsidy classification as a capital receipt. The Court ruled that power ... Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the power subsidy received by the assessee was a capital receipt, not liable to be taxed within the meaning of section 28(iv) -Held, no The Supreme Court allowed the appeal and set aside the Tribunal's decision regarding power subsidy being a capital receipt. The Court held that power subsidies are of revenue nature and should be taxed accordingly. The subsidy in this case went towards reducing electricity bills. The decision favored the Revenue.
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