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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....tion Dated:- 12-3-1973 Order-Instruction<br>Income Tax<br>INSTRUCTION NO. 522/CBDT &nbsp;Dated : March 12, 1973 Section(s) Referred: 37(1) Statute: Income - Tax Act, 1961 The Board had occ....

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....deduction u/s. 37(1) of the Income-tax Act, 1961, being expenditure laid out wholly and exclusively for the purposes of business. Similarly, subsidies received by textile mills from Consumers' Subsidy....