https://www.taxtmi.com/caselaws?id=278288 The High Court ruled in favor of the assessee on all issues, determining that the subsidy received was of a capital nature and utilized for capital expenditure in developing waterways. As there was no revenue income accrued to the assessee from the subsidy grants, the court held that the assessee was not liable to pay taxes on the subsidy amount. The judgment emphasized that the subsidy grants were rightly classified as capital and used for capital expenses in alignment with the business activities of the assessee. en-us Wed, 14 Dec 2016 00:00:00 +0530 Wed, 23 Jan 2019 07:34:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278288 The High Court ruled in favor of the assessee on all issues, determining that the subsidy received was of a capital nature and utilized for capital expenditure in developing waterways. As there was no revenue income accrued to the assessee from the subsidy grants, the court held that the assessee was not liable to pay taxes on the subsidy amount. The judgment emphasized that the subsidy grants were rightly classified as capital and used for capital expenses in alignment with the business activities of the assessee. Case-Laws Income Tax Wed, 14 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278288