https://www.taxtmi.com/caselaws?id=18878 The court ruled in favor of the assessee on the interpretation of the subsidy, the timing of recognizing the subsidy as income, and the taxability of the subsidy amount. The judgment emphasized that the subsidy was earned during the years when the films were produced, regardless of the actual receipt timing, and should be recognized as income when the right to receive it accrued. The court rejected the Revenue's argument regarding the treatment of the subsidy received by a reconstituted firm, stating that it was earned by the former firm and not subject to specific tax provisions for sums received after business discontinuance. en-us Wed, 15 Nov 1995 00:00:00 +0530 Mon, 02 Nov 2009 15:34:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18878 The court ruled in favor of the assessee on the interpretation of the subsidy, the timing of recognizing the subsidy as income, and the taxability of the subsidy amount. The judgment emphasized that the subsidy was earned during the years when the films were produced, regardless of the actual receipt timing, and should be recognized as income when the right to receive it accrued. The court rejected the Revenue's argument regarding the treatment of the subsidy received by a reconstituted firm, stating that it was earned by the former firm and not subject to specific tax provisions for sums received after business discontinuance. Case-Laws Income Tax Wed, 15 Nov 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18878