https://www.taxtmi.com/caselaws?id=69502 The subsidy received by the film producer was deemed a revenue receipt and assessable to income-tax. The Special Bench concluded that the subsidy, aimed at reducing production costs, did not involve capital expenditure by the assessee and was directly linked to their professional activity. Therefore, the subsidy was considered part of the assessee's income and subject to taxation, overturning the Appellate Assistant Commissioner's decision. en-us Mon, 04 Apr 1983 00:00:00 +0530 Thu, 07 Apr 2011 13:24:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69502 The subsidy received by the film producer was deemed a revenue receipt and assessable to income-tax. The Special Bench concluded that the subsidy, aimed at reducing production costs, did not involve capital expenditure by the assessee and was directly linked to their professional activity. Therefore, the subsidy was considered part of the assessee's income and subject to taxation, overturning the Appellate Assistant Commissioner's decision. Case-Laws Income Tax Mon, 04 Apr 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69502