https://www.taxtmi.com/caselaws?id=331261 The Tribunal allowed the assessee's appeals for the assessment years 2009-10 and 2011-12, treating the subsidies as capital receipts. The subsidies received by the Co-operative Society were deemed capital in nature as they were utilized for purchasing plant and machinery and repaying loans to revitalize the cooperative unit. Additionally, the Tribunal upheld the deletion of the penalty imposed under Section 271(1)(c) for concealment of income, as the issue of subsidy classification was debatable and did not involve furnishing inaccurate particulars. en-us Tue, 09 Aug 2016 00:00:00 +0530 Fri, 19 Aug 2016 12:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331261 The Tribunal allowed the assessee's appeals for the assessment years 2009-10 and 2011-12, treating the subsidies as capital receipts. The subsidies received by the Co-operative Society were deemed capital in nature as they were utilized for purchasing plant and machinery and repaying loans to revitalize the cooperative unit. Additionally, the Tribunal upheld the deletion of the penalty imposed under Section 271(1)(c) for concealment of income, as the issue of subsidy classification was debatable and did not involve furnishing inaccurate particulars. Case-Laws Income Tax Tue, 09 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331261