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2002 (12) TMI 632
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....DGMENT N.V. Balasubramanian, J. - The Income-tax Appellate Tribunal has stated a case and referred the following questions of law in relation to the assessment years 1986-87 to 1988-89 :- "1. Whether on the facts and in the circumstances of the case the Tribunal is right in law in holding that the incentive provided by the Government of India and also subsidy given by the State Government ar....
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....axable as business income. As far as the subsidy given by the State Government is concerned, this Court in T.C. No. 492 of 1996 by judgment dated 16-9-2002 considered the similar issue and has taken the view that the subsidy amount received by the assessee would be capital receipts. Accordingly, the Tribunal was not correct in holding that the incentives provided by the Government of India are cap....