https://www.taxtmi.com/caselaws?id=18199 Development grant received for acquiring new machinery and replacing old machinery was treated as capital in nature, because the scheme's reference to export shipments was only a method of quantifying assistance and did not change the purpose of the receipt. A payment made for capital purposes does not become revenue income merely because it is measured by sales or export performance. The grant was therefore not taxable as income, and the related question was not answered because it did not arise. en-us Wed, 10 Jan 1996 00:00:00 +0530 Tue, 29 Sep 2009 14:14:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18199 Development grant received for acquiring new machinery and replacing old machinery was treated as capital in nature, because the scheme's reference to export shipments was only a method of quantifying assistance and did not change the purpose of the receipt. A payment made for capital purposes does not become revenue income merely because it is measured by sales or export performance. The grant was therefore not taxable as income, and the related question was not answered because it did not arise. Case-Laws Income Tax Wed, 10 Jan 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18199