https://www.taxtmi.com/caselaws?id=15828 The High Court of Madras considered whether a subsidy received by an assessee for film production was taxable as a revenue receipt. Relying on precedents and distinguishing between capital and revenue receipts, the court determined that the subsidy, paid post-certification by the Film Censors Board, aimed at encouraging filming in Andhra Pradesh, was a revenue receipt. The subsidy was deemed a supplementary trade receipt, not utilized for film production but as an incentive for choosing Andhra Pradesh as the filming location. Consequently, the court upheld the Income-tax Appellate Tribunal's decision, ruling in favor of the Revenue. en-us Wed, 15 Apr 1998 00:00:00 +0530 Sat, 29 Aug 2009 13:34:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15828 The High Court of Madras considered whether a subsidy received by an assessee for film production was taxable as a revenue receipt. Relying on precedents and distinguishing between capital and revenue receipts, the court determined that the subsidy, paid post-certification by the Film Censors Board, aimed at encouraging filming in Andhra Pradesh, was a revenue receipt. The subsidy was deemed a supplementary trade receipt, not utilized for film production but as an incentive for choosing Andhra Pradesh as the filming location. Consequently, the court upheld the Income-tax Appellate Tribunal's decision, ruling in favor of the Revenue. Case-Laws Income Tax Wed, 15 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15828