https://www.taxtmi.com/caselaws?id=70763 The Tribunal upheld the decision that the sums received by the assessee from the Government of Maharashtra were loans, not subsidies, and therefore not taxable as income. It was determined that the rule of promissory estoppel did not apply in this case, and as the amounts were repaid, there was no actual income in the hands of the assessee. The Tribunal dismissed the departmental appeals, affirming the CIT (Appeals)'s ruling in favor of the assessee. en-us Mon, 19 Jul 1993 00:00:00 +0530 Tue, 19 Apr 2011 11:21:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70763 The Tribunal upheld the decision that the sums received by the assessee from the Government of Maharashtra were loans, not subsidies, and therefore not taxable as income. It was determined that the rule of promissory estoppel did not apply in this case, and as the amounts were repaid, there was no actual income in the hands of the assessee. The Tribunal dismissed the departmental appeals, affirming the CIT (Appeals)'s ruling in favor of the assessee. Case-Laws Income Tax Mon, 19 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70763