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2018 (8) TMI 1474
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....e Petitioner : Mr. P.K. Bhoumick, Adv. For The Respondent : Mr. S. Basu, Adv. ORDER The Court : The marginal delay in preferring the appeal is condoned in view of the good grounds shown. Two questions are sought to be raised by the Revenue in this appeal. The first is as to whether the money received under a Central Government subsidy by the assessee had to be regarded as a capital rec....
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....reported at 228 ITR 253 (Sahney Steel & Press Works Ltd.) and 306 ITR 392 (Ponni Sugars & Chemicals Ltd.). In Balarampur Chini Mills Ltd., this Court held that it is the purpose of the scheme that has to be assessed before determining whether the subsidy ought to be treated as a revenue receipt or a capital receipt. It also held that if the subsidy was given for the running of the business of t....
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....nd Scheme". The Ministry of Textiles aimed at making available funds to the domestic textile industry for technology upgradation of the existing units as well as to set up new units with the latest technology to enhance their viability and competitiveness in the domestic and international markets. The preamble to the scheme recognised that in the post-quota regime, the industry had to become compe....