2016 (12) TMI 1854

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....Gogoi And N.V Ramana, JJ. Judgments 1. Leave granted in all the Special Leave Petitions. 2. The Assessment Years in question are 1999-2000, 2000-2001 and 2001-2002. The point involved in the present appeals is short and precise. The subvention received by the Assessee - Company from its parent Company in Germany in a situation where the Assessee - Company was making losses has been treate....

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....9 SCC 337]. The view expressed by this Court that unless the grant-in-aid received by an Assessee is utilized for acquisition of an asset, the same must be understood to be in the nature of a revenue receipt was held by the High Court to be a principle of law applicable to all situations. The aforesaid view tends to overlook the fact that in both Ponni Sugars (supra) and Sahney Steel (supra) the s....