Interest Subsidy Considered Income u/s 41(1) of Income Tax Act; Appeal Dismissed by High Court.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Interest subsidy - deemed as income u/s. 41(1) - mercantile system of accounting - the C.I.T. (A) rightly held that the provision of Sec.41(1) would be applicable when there is actual remission or cessation of liability and which was during the accounting year relevant to assessment year 2002-03 and not in the year under consideration. - The matter is entirely factual Revenue appeal dismissed - HC....