https://www.taxtmi.com/caselaws?id=404937 Transport subsidy, power subsidy and interest subsidy were treated as operational receipts that reduced manufacturing cost and directly increased the profits of the eligible industrial undertaking. Applying the principle that subsidies with a direct nexus to business profits form part of the profits derived from the undertaking, the receipts were regarded as revenue in nature and within the scope of the profit-linked deduction. On that basis, the subsidy receipts qualified for deduction under section 80IC, and the disallowance was held unsustainable. en-us Fri, 05 Mar 2021 00:00:00 +0530 Tue, 29 Oct 2024 11:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404937 Transport subsidy, power subsidy and interest subsidy were treated as operational receipts that reduced manufacturing cost and directly increased the profits of the eligible industrial undertaking. Applying the principle that subsidies with a direct nexus to business profits form part of the profits derived from the undertaking, the receipts were regarded as revenue in nature and within the scope of the profit-linked deduction. On that basis, the subsidy receipts qualified for deduction under section 80IC, and the disallowance was held unsustainable. Case-Laws Income Tax Fri, 05 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404937