https://www.taxtmi.com/caselaws?id=69112 The Tribunal ruled in favor of the assessee, Tamil Nadu Tourism Development Corporation Ltd., determining that the Rs. 5 lakhs grant received was a capital receipt and not taxable as revenue income. The conversion of the refundable advance into a grant for setting up a permanent exhibition wing indicated a capital nature, following a series of Government Orders. The Tribunal emphasized that the waiver of repayment by the Government did not alter the nature of the grant, aligning with relevant case law. Consequently, the appeal was allowed, and the Rs. 5 lakhs addition to the assessee's income was deleted. en-us Thu, 29 Oct 1981 00:00:00 +0530 Tue, 05 Apr 2011 12:25:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69112 The Tribunal ruled in favor of the assessee, Tamil Nadu Tourism Development Corporation Ltd., determining that the Rs. 5 lakhs grant received was a capital receipt and not taxable as revenue income. The conversion of the refundable advance into a grant for setting up a permanent exhibition wing indicated a capital nature, following a series of Government Orders. The Tribunal emphasized that the waiver of repayment by the Government did not alter the nature of the grant, aligning with relevant case law. Consequently, the appeal was allowed, and the Rs. 5 lakhs addition to the assessee's income was deleted. Case-Laws Income Tax Thu, 29 Oct 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69112