Consumers' Subsidy Funds as deduction u/s.37(1) and , subsidies received by textile mills from Consumers' Subsidy Fund would be revenue receipts

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....e Tax<br>INSTRUCTION NO. 522/CBDT Dated : March 12, 1973 Section(s) Referred: 37(1) Statute: Income - Tax Act, 1961 The Board had occasion to deal with a representation from the Indian Cotton Mi....

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....ture laid out wholly and exclusively for the purposes of business. Similarly, subsidies received by textile mills from Consumers' Subsidy Fund would be revenue receipts in their hands and would be tax....