https://www.taxtmi.com/caselaws?id=15188 Classification of subsidy receipts as capital or revenue may raise a referable question of law where determination depends on the subsidy scheme, the character of the receipt, and the applicable legal test. The question whether subsidy constituted a capital receipt was therefore directed for reference under the Income-tax Act. A separate question concerning the absence of nexus between subsidy receipts and business activities was substantially covered by the primary classification question and was not independently referred. The reference application succeeded only to the extent of the first question. en-us Sat, 17 Apr 1999 00:00:00 +0530 Mon, 03 Aug 2009 15:51:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15188 Classification of subsidy receipts as capital or revenue may raise a referable question of law where determination depends on the subsidy scheme, the character of the receipt, and the applicable legal test. The question whether subsidy constituted a capital receipt was therefore directed for reference under the Income-tax Act. A separate question concerning the absence of nexus between subsidy receipts and business activities was substantially covered by the primary classification question and was not independently referred. The reference application succeeded only to the extent of the first question. Case-Laws Income Tax Sat, 17 Apr 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15188