https://www.taxtmi.com/caselaws?id=15667 Subsidy received under the Central Investment Outright Subsidy Scheme was treated as a reserve, not a provision or repayable loan, for capital base computation under the Second Schedule to the Companies (Profits) Surtax Act, 1964. The amount was available surplus capable of business use and was not set aside to meet any known liability or contingency. The mere possibility of repayment on breach of subsidy conditions did not change its present character, particularly where no breach had been found. It was therefore included in the capital base, and the issue was decided in favour of the assessee. en-us Mon, 07 Sep 1998 00:00:00 +0530 Wed, 26 Aug 2009 17:29:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15667 Subsidy received under the Central Investment Outright Subsidy Scheme was treated as a reserve, not a provision or repayable loan, for capital base computation under the Second Schedule to the Companies (Profits) Surtax Act, 1964. The amount was available surplus capable of business use and was not set aside to meet any known liability or contingency. The mere possibility of repayment on breach of subsidy conditions did not change its present character, particularly where no breach had been found. It was therefore included in the capital base, and the issue was decided in favour of the assessee. Case-Laws Income Tax Mon, 07 Sep 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15667