https://www.taxtmi.com/caselaws?id=16837 The High Court ruled in favor of the assessee on both issues. Firstly, the film subsidy received was not considered a revenue receipt based on the precedent that such subsidies are not taxable as revenue receipts but as inducements to encourage film production. Secondly, the appeal against the levy of interest under section 217 was deemed maintainable as the assessee denied liability to pay tax on the subsidy, making the interest levy consequential. The court held that grounds related to interest can be raised in an appeal if other grounds are present, ultimately ruling against the Revenue on this issue. en-us Mon, 02 Feb 1998 00:00:00 +0530 Sat, 12 Sep 2009 15:24:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16837 The High Court ruled in favor of the assessee on both issues. Firstly, the film subsidy received was not considered a revenue receipt based on the precedent that such subsidies are not taxable as revenue receipts but as inducements to encourage film production. Secondly, the appeal against the levy of interest under section 217 was deemed maintainable as the assessee denied liability to pay tax on the subsidy, making the interest levy consequential. The court held that grounds related to interest can be raised in an appeal if other grounds are present, ultimately ruling against the Revenue on this issue. Case-Laws Income Tax Mon, 02 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16837