https://www.taxtmi.com/caselaws?id=17879 The court concluded that the industrial subsidy received by the assessee was not a contingent liability but an ascertained liability. The subsidy was deemed income, forming part of the assessee's wealth and assets. Relying on past judgments, the court upheld the Tribunal's decision, emphasizing that the liability would only arise if the industrial unit ceased production within five years. Consequently, the court declined to answer the question referred and affirmed the Tribunal's order. en-us Fri, 14 Jun 1996 00:00:00 +0530 Fri, 25 Sep 2009 13:28:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17879 The court concluded that the industrial subsidy received by the assessee was not a contingent liability but an ascertained liability. The subsidy was deemed income, forming part of the assessee's wealth and assets. Relying on past judgments, the court upheld the Tribunal's decision, emphasizing that the liability would only arise if the industrial unit ceased production within five years. Consequently, the court declined to answer the question referred and affirmed the Tribunal's order. Case-Laws Wealth-tax Fri, 14 Jun 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17879