1991 (12) TMI 49

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.... 1961, we are to answer the following question : "Whether, under the facts and in the circumstances of the case,the Tribunal was justified in law in holding that the grant-in-aid received by the assessee-firm from the Government of Assam was a revenue receipt ?" Facts :-The assessee-firm is a producer of Assamese films and had produced a film titled "Sanatan". The said film was released in the y....

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....ome-tax Act, it is declared that " 'income' includes" such and such which are enumerated therein. In section 2(24), the interpretation clause, such a grant-in-aid has not been included as an income or a revenue receipt. Therefore, considering the use of the word "include" in section 2(24), the word "income" shall be construed as comprehending not only those which section 2(24) declares that they s....