https://www.taxtmi.com/caselaws?id=71878 The Tribunal ruled in favor of the appellant, determining that the subsidy received by the film producer for producing a Marathi film was a capital receipt and not taxable under the Income Tax Act. The Tribunal held that the proviso to r. 9A should not be applied to capital subsidies, as confirmed by relevant Board Circulars, and thus, the cost of production could not be reduced by the subsidy amount. Consequently, the Tribunal set aside the CIT(A)'s decision and deleted the addition of the subsidy from the assessment. en-us Tue, 12 Dec 2000 00:00:00 +0530 Wed, 27 Apr 2011 16:20:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71878 The Tribunal ruled in favor of the appellant, determining that the subsidy received by the film producer for producing a Marathi film was a capital receipt and not taxable under the Income Tax Act. The Tribunal held that the proviso to r. 9A should not be applied to capital subsidies, as confirmed by relevant Board Circulars, and thus, the cost of production could not be reduced by the subsidy amount. Consequently, the Tribunal set aside the CIT(A)'s decision and deleted the addition of the subsidy from the assessment. Case-Laws Income Tax Tue, 12 Dec 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71878