https://www.taxtmi.com/caselaws?id=286755 The Tribunal held that the interest subsidy received by a Public Limited Company under a scheme was capital in nature, not revenue. It dismissed the Revenue's appeal, upholding the assessee's position. Regarding the allowance of unabsorbed depreciation and business loss, the Tribunal upheld the CIT(Appeal)'s decision to allow set-off against taxable income of other units, based on past rulings. The judgment favored the assessee, emphasizing the capital nature of the subsidy and permitting the set-off of losses against taxable income in accordance with applicable provisions and legal precedents. en-us Wed, 27 Jul 2016 00:00:00 +0530 Sat, 14 Mar 2020 11:12:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286755 The Tribunal held that the interest subsidy received by a Public Limited Company under a scheme was capital in nature, not revenue. It dismissed the Revenue's appeal, upholding the assessee's position. Regarding the allowance of unabsorbed depreciation and business loss, the Tribunal upheld the CIT(Appeal)'s decision to allow set-off against taxable income of other units, based on past rulings. The judgment favored the assessee, emphasizing the capital nature of the subsidy and permitting the set-off of losses against taxable income in accordance with applicable provisions and legal precedents. Case-Laws Income Tax Wed, 27 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286755