https://www.taxtmi.com/caselaws?id=288382 The Tribunal held that the subsidy amounts should be treated as capital receipts and not taxable. The subsidies were intended to promote industrial growth in West Bengal and were not subject to tax under section 41(1) of the Income Tax Act. As the subsidies were sanctioned in a different financial year, they were not applicable to the years under appeal. Consequently, the revenue's appeals were dismissed. en-us Fri, 14 Oct 2016 00:00:00 +0530 Wed, 03 Jun 2020 21:06:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288382 The Tribunal held that the subsidy amounts should be treated as capital receipts and not taxable. The subsidies were intended to promote industrial growth in West Bengal and were not subject to tax under section 41(1) of the Income Tax Act. As the subsidies were sanctioned in a different financial year, they were not applicable to the years under appeal. Consequently, the revenue's appeals were dismissed. Case-Laws Income Tax Fri, 14 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288382