https://www.taxtmi.com/caselaws?id=236256 Entertainment tax subsidy granted to promote setting up and operation of multiplexes was capital in nature because the scheme's purpose was to induce long-term investment in a new facility; it was therefore not revenue receipt. The same subsidy could not be reduced from actual cost under Explanation 10 to section 43(1) because it was not directly or indirectly meant to meet the cost of any specific asset. Expenditure on ESOP and ESPS was treated as not allowable on the facts, so the disallowance was upheld. Rule 8D was held inapplicable for the assessment year, and the section 14A disallowance was remitted for fresh adjudication. en-us Fri, 20 Apr 2012 00:00:00 +0530 Wed, 21 Aug 2013 08:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236256 Entertainment tax subsidy granted to promote setting up and operation of multiplexes was capital in nature because the scheme's purpose was to induce long-term investment in a new facility; it was therefore not revenue receipt. The same subsidy could not be reduced from actual cost under Explanation 10 to section 43(1) because it was not directly or indirectly meant to meet the cost of any specific asset. Expenditure on ESOP and ESPS was treated as not allowable on the facts, so the disallowance was upheld. Rule 8D was held inapplicable for the assessment year, and the section 14A disallowance was remitted for fresh adjudication. Case-Laws Income Tax Fri, 20 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236256