https://www.taxtmi.com/caselaws?id=75395 The High Court upheld the lower authorities' decisions regarding the treatment of a subsidy received by an assessee for setting up a hotel industry as a capital receipt, not liable to tax. The court rejected the Revenue's argument that the subsidy should be considered a revenue receipt, emphasizing the unique circumstances of the case where the subsidy was provided to encourage the hotel industry and released over subsequent years based on budgetary allocations. The appeal was dismissed, affirming that the subsidy was an incentive towards investment and not a revenue receipt. en-us Tue, 01 Dec 2009 00:00:00 +0530 Wed, 07 Sep 2011 16:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75395 The High Court upheld the lower authorities' decisions regarding the treatment of a subsidy received by an assessee for setting up a hotel industry as a capital receipt, not liable to tax. The court rejected the Revenue's argument that the subsidy should be considered a revenue receipt, emphasizing the unique circumstances of the case where the subsidy was provided to encourage the hotel industry and released over subsequent years based on budgetary allocations. The appeal was dismissed, affirming that the subsidy was an incentive towards investment and not a revenue receipt. Case-Laws Income Tax Tue, 01 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75395