https://www.taxtmi.com/caselaws?id=9919 The High Court of MADRAS interpreted the exemption under section 80P(2)(a)(i) of the Income-tax Act for interest received from society members, ruling in favor of the assessee based on the nature of the business activities. Additionally, the court classified the incentive subsidy as a capital receipt for income tax purposes, following precedent and deciding in favor of the assessee. The court answered the questions of law affirmatively for the assessee against the Revenue, with no costs awarded. en-us Mon, 12 Dec 2005 00:00:00 +0530 Fri, 03 Jul 2009 10:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9919 The High Court of MADRAS interpreted the exemption under section 80P(2)(a)(i) of the Income-tax Act for interest received from society members, ruling in favor of the assessee based on the nature of the business activities. Additionally, the court classified the incentive subsidy as a capital receipt for income tax purposes, following precedent and deciding in favor of the assessee. The court answered the questions of law affirmatively for the assessee against the Revenue, with no costs awarded. Case-Laws Income Tax Mon, 12 Dec 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9919