https://www.taxtmi.com/caselaws?id=423618 The High Court of Calcutta dismissed the revenue's appeal challenging the Income Tax Appellate Tribunal's order on the treatment of interest subsidy under the mercantile system of accounting for the assessment year 2001-02. The court upheld the tribunal's decision that the subsidy constituted income under Section 41(1) of the Income Tax Act for the subsequent assessment year 2002-03. Emphasizing the factual nature of the case, the court found no substantial question of law and dismissed the appeal, concluding the matter. en-us Mon, 06 Jun 2022 00:00:00 +0530 Fri, 10 Jun 2022 08:26:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423618 The High Court of Calcutta dismissed the revenue's appeal challenging the Income Tax Appellate Tribunal's order on the treatment of interest subsidy under the mercantile system of accounting for the assessment year 2001-02. The court upheld the tribunal's decision that the subsidy constituted income under Section 41(1) of the Income Tax Act for the subsequent assessment year 2002-03. Emphasizing the factual nature of the case, the court found no substantial question of law and dismissed the appeal, concluding the matter. Case-Laws Income Tax Mon, 06 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423618