https://www.taxtmi.com/caselaws?id=303378 The department's appeal against the treatment of subsidies received by the assessee as capital receipts under various government schemes was dismissed. The CIT(A) and ITAT held that the subsidies were capital in nature, granted for promoting industrial development, employment generation, and technological upgradation. Relying on the purpose test established by the Supreme Court, the subsidies were deemed non-taxable capital receipts. The ITAT affirmed the CIT(A)'s decision, dismissing the department's appeal and confirming the subsidies as capital receipts. en-us Thu, 12 Apr 2018 00:00:00 +0530 Mon, 18 Jul 2022 20:41:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303378 The department's appeal against the treatment of subsidies received by the assessee as capital receipts under various government schemes was dismissed. The CIT(A) and ITAT held that the subsidies were capital in nature, granted for promoting industrial development, employment generation, and technological upgradation. Relying on the purpose test established by the Supreme Court, the subsidies were deemed non-taxable capital receipts. The ITAT affirmed the CIT(A)'s decision, dismissing the department's appeal and confirming the subsidies as capital receipts. Case-Laws Income Tax Thu, 12 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303378