1998 (9) TMI 36

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....The question referred to us at the instance of the Revenue is as to whether the subsidy received by the assessee, which is an industrial concern under the Central Investment Outright Subsidy Scheme, is to be taken into account for computing the capital base as per the Second Schedule to the Companies (Profits) Surtax Act, 1964 (in short "the Act"). The assessment year is 1980-81. The Supreme Co....

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....r the business. Even though that amount had not been generated by way of profits or even as contribution by the shareholders and also was not a loan which was required to be repaid. The available subsidy which when used in accordance with the terms of the subsidy would help to reduce the costs of the industry. The subsidy received, when used becomes the part of the assets of the assessee. It is....