https://www.taxtmi.com/caselaws?id=336970 The High Court determined that the subsidy received by the assessee was of a capital nature, used for developing waterways as part of their business. Since the project had not commenced and funds were utilized for capital expenses, no tax liability was imposed. The Court upheld the Tribunal's decision, ruling in favor of the assessee, emphasizing the distinction between capital and revenue subsidies and the significance of project commencement in determining tax liability. en-us Wed, 14 Dec 2016 00:00:00 +0530 Sun, 01 Jan 2017 14:18:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336970 The High Court determined that the subsidy received by the assessee was of a capital nature, used for developing waterways as part of their business. Since the project had not commenced and funds were utilized for capital expenses, no tax liability was imposed. The Court upheld the Tribunal's decision, ruling in favor of the assessee, emphasizing the distinction between capital and revenue subsidies and the significance of project commencement in determining tax liability. Case-Laws Income Tax Wed, 14 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336970