Cash routed to non-existent firm deemed proceeds of crime; laundered funds and properties attachable, provisional attachments confirmed; two accounts ...
Continuation of Section 73 service-tax proceedings after provider's death (construing s.65(7)) - held to abate; posthumous OIO and recoveries invalida...
Change of corporate management after approved resolution plan - writ maintainable; property attachment not 'transfer' under PBPT; Section 32A protecti...
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Classification of a sales tax subsidy was determined by the purpose test: where an exemption is designed to encourage fixed capital investment and employment, linked to capital outlay and available for a limited period, its dominant object is to promote capital formation and not recurring operations. Time or manner of receipt is immaterial; the subsidy operates as an incentive for capital investment. Applying this principle, the court concluded the subsidy is a capital receipt and not taxable as revenue, and the challenge to retention by the assessee was rejected.
Classification of a sales tax subsidy was determined by the purpose test: where an exemption is designed to encourage fixed capital investment and employment, linked to capital outlay and available for a limited period, its dominant object is to promote capital formation and not recurring operations. Time or manner of receipt is immaterial; the subsidy operates as an incentive for capital investment. Applying this principle, the court concluded the subsidy is a capital receipt and not taxable as revenue, and the challenge to retention by the assessee was rejected.
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