https://www.taxtmi.com/caselaws?id=398548 The Tribunal upheld the decision of the Ld. CIT(A) that the sales tax subsidy received under the UP Government scheme should be treated as a capital receipt, following the purposive test and precedent set by the Hon'ble Supreme Court. The subsidy aimed at enabling the assessee to expand its unit was deemed a capital receipt and not taxable. The Tribunal dismissed the revenue's appeals, ruling that the sales tax subsidy should not be included in the taxable income. en-us Wed, 16 Sep 2020 00:00:00 +0530 Fri, 18 Sep 2020 17:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398548 The Tribunal upheld the decision of the Ld. CIT(A) that the sales tax subsidy received under the UP Government scheme should be treated as a capital receipt, following the purposive test and precedent set by the Hon'ble Supreme Court. The subsidy aimed at enabling the assessee to expand its unit was deemed a capital receipt and not taxable. The Tribunal dismissed the revenue's appeals, ruling that the sales tax subsidy should not be included in the taxable income. Case-Laws Income Tax Wed, 16 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398548