https://www.taxtmi.com/caselaws?id=409424 The Tribunal allowed the assessee's appeal and dismissed the Revenue's appeal regarding subsidies received, affirming them as capital receipts. The subsidies were deemed not meant to meet asset costs, thus Explanation 10 was found not applicable, leading to the rejection of reducing them from the block of assets. The Tribunal upheld the CIT(A)'s decision and applied the "purpose test" from a previous case, ultimately determining the subsidies as capital receipts rather than revenue income. en-us Tue, 06 Jul 2021 00:00:00 +0530 Thu, 08 Jul 2021 14:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409424 The Tribunal allowed the assessee's appeal and dismissed the Revenue's appeal regarding subsidies received, affirming them as capital receipts. The subsidies were deemed not meant to meet asset costs, thus Explanation 10 was found not applicable, leading to the rejection of reducing them from the block of assets. The Tribunal upheld the CIT(A)'s decision and applied the "purpose test" from a previous case, ultimately determining the subsidies as capital receipts rather than revenue income. Case-Laws Income Tax Tue, 06 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409424