1991 (12) TMI 49

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....der section 256(1) of the Incometax Act, 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 "S....

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....amese film industry. In section 2(24) of the Income-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 onl....