https://www.taxtmi.com/caselaws?id=399157 The Tribunal upheld the CIT(A)'s decision that subsidies received by the assessee were capital receipts and not chargeable to tax. The CIT(A) rightly admitted the additional ground raised by the assessee and determined that the subsidies were granted for promoting capacity expansion and modernization, aligning with legal precedents. The revenue's argument that assessed income should not be lower than returned income was rejected, emphasizing tax collection based on legal provisions. The Tribunal dismissed the revenue's appeals, affirming the correctness of the lower authorities' decisions. en-us Mon, 07 Sep 2020 00:00:00 +0530 Mon, 05 Oct 2020 08:27:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399157 The Tribunal upheld the CIT(A)'s decision that subsidies received by the assessee were capital receipts and not chargeable to tax. The CIT(A) rightly admitted the additional ground raised by the assessee and determined that the subsidies were granted for promoting capacity expansion and modernization, aligning with legal precedents. The revenue's argument that assessed income should not be lower than returned income was rejected, emphasizing tax collection based on legal provisions. The Tribunal dismissed the revenue's appeals, affirming the correctness of the lower authorities' decisions. Case-Laws Income Tax Mon, 07 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399157