CIT vs.Kisan Sahkari Chinni Mills Ltd 2010(All.)
Subsidy/grant recvd for recoupment of CapitalEmployed or repayment of Loan from FI for setting up/expansion of new sugar factory in not in course of trade.So,it is a CAPITAL RECEIPT NOT CHARGEABLE to TAX.
Same decision was of CIT vs. Ponni Sugar & Chemicals Ltd 2008(SC)
Subsidy/grant recvd for recoupment of CapitalEmployed or repayment of Loan from FI for setting up/expansion of new sugar factory in not in course of trade.So,it is a CAPITAL RECEIPT NOT CHARGEABLE to TAX.
Same decision was of CIT vs. Ponni Sugar & Chemicals Ltd 2008(SC)
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