https://www.taxtmi.com/caselaws?id=392276 The case involved determining whether interest subsidy received under the Technology Upgradation Fund Scheme should be treated as a capital receipt not chargeable to tax. The High Court remanded the matter back to the Tribunal for a thorough analysis of the subsidy scheme and its utilization to verify if the subsidy was used to meet the interest liability on loans for setting up plant and machinery. Pending verification by the Assessing Officer, the Tribunal directed that if the subsidy was utilized for the specified purpose, it should be treated as a capital receipt; otherwise, it would be considered a revenue receipt. en-us Fri, 14 Feb 2020 00:00:00 +0530 Fri, 13 Mar 2020 17:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392276 The case involved determining whether interest subsidy received under the Technology Upgradation Fund Scheme should be treated as a capital receipt not chargeable to tax. The High Court remanded the matter back to the Tribunal for a thorough analysis of the subsidy scheme and its utilization to verify if the subsidy was used to meet the interest liability on loans for setting up plant and machinery. Pending verification by the Assessing Officer, the Tribunal directed that if the subsidy was utilized for the specified purpose, it should be treated as a capital receipt; otherwise, it would be considered a revenue receipt. Case-Laws Income Tax Fri, 14 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392276