https://www.taxtmi.com/caselaws?id=192602 The subsidy received by the assessee from the Government of Gujarat for the specific purpose of loan repayment for tube wells and lift-irrigation schemes, along with the capitalized interest, was held to be a capital receipt and not income chargeable to tax. The Tribunal determined that the subsidy was granted for capital purposes to construct capital assets, thus treating it as a capital receipt. The appeals were partly allowed on this ground, with other related grounds being dismissed. The decision was pronounced on 16th October 2009, with no costs awarded. en-us Fri, 16 Oct 2009 00:00:00 +0530 Wed, 07 Jun 2017 17:14:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192602 The subsidy received by the assessee from the Government of Gujarat for the specific purpose of loan repayment for tube wells and lift-irrigation schemes, along with the capitalized interest, was held to be a capital receipt and not income chargeable to tax. The Tribunal determined that the subsidy was granted for capital purposes to construct capital assets, thus treating it as a capital receipt. The appeals were partly allowed on this ground, with other related grounds being dismissed. The decision was pronounced on 16th October 2009, with no costs awarded. Case-Laws Income Tax Fri, 16 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192602