https://www.taxtmi.com/caselaws?id=371860 The Tribunal held that the sales tax subsidy received by the assessee for setting up a new unit or expanding an existing unit in underdeveloped regions was a capital receipt and not taxable. The subsidy was deemed to be received on the capital account and not as a revenue receipt, as it aimed to promote industrial development in underdeveloped areas. The Tribunal upheld the decision that the subsidy was not to mitigate operational costs but to incentivize industrial growth. Consequently, the appeals for the assessment years 2011-12 and 2012-13 were dismissed on 28/11/2018. en-us Wed, 28 Nov 2018 00:00:00 +0530 Thu, 13 Dec 2018 08:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371860 The Tribunal held that the sales tax subsidy received by the assessee for setting up a new unit or expanding an existing unit in underdeveloped regions was a capital receipt and not taxable. The subsidy was deemed to be received on the capital account and not as a revenue receipt, as it aimed to promote industrial development in underdeveloped areas. The Tribunal upheld the decision that the subsidy was not to mitigate operational costs but to incentivize industrial growth. Consequently, the appeals for the assessment years 2011-12 and 2012-13 were dismissed on 28/11/2018. Case-Laws Income Tax Wed, 28 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371860