https://www.taxtmi.com/highlights?id=71220 Nature/Character of receipt - subsidy receipt - revenue or capital receipt - Applicability of purpose test - section 2(24)(xviii) would be attracted, in principle, but would not apply as the assessment year under consideration is prior to the insertion of the proviso. It is, therefore, held that the authorities below were not justified in treating the amount of subsidy as a ‘Revenue’ receipt chargeable to tax. - AT en-us Mon, 31 Jul 2023 06:53:34 +0530 Mon, 31 Jul 2023 06:53:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=71220 Nature/Character of receipt - subsidy receipt - revenue or capital receipt - Applicability of purpose test - section 2(24)(xviii) would be attracted, in principle, but would not apply as the assessment year under consideration is prior to the insertion of the proviso. It is, therefore, held that the authorities below were not justified in treating the amount of subsidy as a ‘Revenue’ receipt chargeable to tax. - AT Highlights Income Tax Mon, 31 Jul 2023 06:53:34 +0530 https://www.taxtmi.com/highlights?id=71220