https://www.taxtmi.com/caselaws?id=72000 The Tribunal upheld the CIT(A)'s decisions, ruling that the conversion of RDF loans into grant-in-aid was taxable as a revenue receipt under Section 28(iv). Expenses for the non-operational distillery unit and depreciation on its assets were disallowed. The deduction under Section 80P(2)(a)(iii) was denied due to the manufacturing nature of the assessee's activities. The grant-in-aid was assessed in the year it accrued and was received, not in the year of the original loan receipt. en-us Wed, 31 Dec 2008 00:00:00 +0530 Thu, 06 Jun 2013 18:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=72000 The Tribunal upheld the CIT(A)'s decisions, ruling that the conversion of RDF loans into grant-in-aid was taxable as a revenue receipt under Section 28(iv). Expenses for the non-operational distillery unit and depreciation on its assets were disallowed. The deduction under Section 80P(2)(a)(iii) was denied due to the manufacturing nature of the assessee's activities. The grant-in-aid was assessed in the year it accrued and was received, not in the year of the original loan receipt. Case-Laws Income Tax Wed, 31 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=72000