https://www.taxtmi.com/caselaws?id=11678 Grants received by a company to meet its operational and functioning requirements were treated as revenue receipts, not capital receipts, because they were not shown to be directed toward acquisition of a capital asset. The company's status as a 100% Government company did not take the receipts outside the charging provisions of the Income-tax Act, and lifting the corporate veil was held inapplicable on these facts. The Court also found no basis to recall the earlier order, so the review application was not entertained. en-us Thu, 14 Mar 2002 00:00:00 +0530 Fri, 05 Feb 2010 18:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11678 Grants received by a company to meet its operational and functioning requirements were treated as revenue receipts, not capital receipts, because they were not shown to be directed toward acquisition of a capital asset. The company's status as a 100% Government company did not take the receipts outside the charging provisions of the Income-tax Act, and lifting the corporate veil was held inapplicable on these facts. The Court also found no basis to recall the earlier order, so the review application was not entertained. Case-Laws Income Tax Thu, 14 Mar 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11678