https://www.taxtmi.com/caselaws?id=471560 Sales tax subsidy received under an identical scheme retains its capital-receipt character and is not taxable as revenue where that character has already been determined between the same parties. The prescribed method for disallowing expenditure related to exempt income may be applied only after the Assessing Officer examines the accounts and records specific dissatisfaction with the taxpayer's claim. A broad discussion is insufficient; the absence of an identified nexus between interest expenditure and exempt-income investments prevents recomputation under that method. en-us Fri, 26 Jul 2024 00:00:00 +0530 Wed, 09 Sep 2026 11:55:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471560 Sales tax subsidy received under an identical scheme retains its capital-receipt character and is not taxable as revenue where that character has already been determined between the same parties. The prescribed method for disallowing expenditure related to exempt income may be applied only after the Assessing Officer examines the accounts and records specific dissatisfaction with the taxpayer's claim. A broad discussion is insufficient; the absence of an identified nexus between interest expenditure and exempt-income investments prevents recomputation under that method. Case-Laws Income Tax Fri, 26 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471560