https://www.taxtmi.com/caselaws?id=22863 Sales tax subsidy granted under a State scheme for specified industrial units in backward areas was treated as an incentive for capital investment, not as an addition to trading profits, and therefore as a capital receipt not assessable as income. On that settled legal position, the High Court held that no useful purpose would be served by seeking a reference under section 256 of the Income-tax Act, 1961, and rejected the application. en-us Sat, 01 Dec 1990 00:00:00 +0530 Mon, 14 Dec 2009 16:48:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22863 Sales tax subsidy granted under a State scheme for specified industrial units in backward areas was treated as an incentive for capital investment, not as an addition to trading profits, and therefore as a capital receipt not assessable as income. On that settled legal position, the High Court held that no useful purpose would be served by seeking a reference under section 256 of the Income-tax Act, 1961, and rejected the application. Case-Laws Income Tax Sat, 01 Dec 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22863