https://www.taxtmi.com/caselaws?id=56831 The tribunal upheld the taxability of the subsidy received by the appellant under a government scheme as a revenue receipt for the assessment years 1979-80 and 1980-81. The exemption claims under various sections of the Income-tax Act were rejected. The tribunal determined that the subsidy was compensation for loss of profit, making it a revenue receipt and not a capital receipt. The alternative plea to tax only the amount of losses and carry forward the balance was dismissed, emphasizing the need for consistent treatment. en-us Tue, 31 Mar 1992 00:00:00 +0530 Thu, 31 Mar 2016 12:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56831 The tribunal upheld the taxability of the subsidy received by the appellant under a government scheme as a revenue receipt for the assessment years 1979-80 and 1980-81. The exemption claims under various sections of the Income-tax Act were rejected. The tribunal determined that the subsidy was compensation for loss of profit, making it a revenue receipt and not a capital receipt. The alternative plea to tax only the amount of losses and carry forward the balance was dismissed, emphasizing the need for consistent treatment. Case-Laws Income Tax Tue, 31 Mar 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56831