https://www.taxtmi.com/caselaws?id=382133 The High Court allowed the appeal, determining the subsidy received under the TUF scheme as a capital receipt, not subject to taxation. The court directed the Assessing Officer to reduce the subsidy from the cost of assets acquired by loan, in accordance with the Income Tax Act. The decision was based on the argument that the subsidy was related to upgrading technology in the textile industry and not directly linked to specific fixed assets, aligning with legal precedents and interpretations of relevant provisions. en-us Wed, 12 Jun 2019 00:00:00 +0530 Tue, 25 Jun 2019 15:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382133 The High Court allowed the appeal, determining the subsidy received under the TUF scheme as a capital receipt, not subject to taxation. The court directed the Assessing Officer to reduce the subsidy from the cost of assets acquired by loan, in accordance with the Income Tax Act. The decision was based on the argument that the subsidy was related to upgrading technology in the textile industry and not directly linked to specific fixed assets, aligning with legal precedents and interpretations of relevant provisions. Case-Laws Income Tax Wed, 12 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382133