https://www.taxtmi.com/caselaws?id=235649 The court held that the power subsidies received by the assessee-company were taxable as revenue receipts due to their link to production and operational efficiency, not the initial establishment of the industry. The court referenced precedents and concluded that subsidies received after production commencement are typically revenue receipts. Additionally, the deduction claimed under maintenance of a transit house was disallowed following the precedent set in Britannia Industries Ltd. v. CIT. Consequently, all issues were decided in favor of the Revenue and against the assessee, with no costs awarded. en-us Fri, 06 Jan 2012 00:00:00 +0530 Tue, 30 Jul 2013 17:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235649 The court held that the power subsidies received by the assessee-company were taxable as revenue receipts due to their link to production and operational efficiency, not the initial establishment of the industry. The court referenced precedents and concluded that subsidies received after production commencement are typically revenue receipts. Additionally, the deduction claimed under maintenance of a transit house was disallowed following the precedent set in Britannia Industries Ltd. v. CIT. Consequently, all issues were decided in favor of the Revenue and against the assessee, with no costs awarded. Case-Laws Income Tax Fri, 06 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235649