https://www.taxtmi.com/caselaws?id=67431 A subsidy granted by the State for opening new branches was treated as a capital receipt because it was given for a specific purpose, not as a regular source of income, not as of right, and not linked to business turnover. On these features, the receipt was held to be capital in nature and therefore excluded from total income. en-us Fri, 09 Jul 1982 00:00:00 +0530 Thu, 10 Mar 2011 15:31:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67431 A subsidy granted by the State for opening new branches was treated as a capital receipt because it was given for a specific purpose, not as a regular source of income, not as of right, and not linked to business turnover. On these features, the receipt was held to be capital in nature and therefore excluded from total income. Case-Laws Income Tax Fri, 09 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67431