CIT vs.Udupi Builders Pvt Ltd 2009(Kar.)
Company established Hotel industry based on subsidy ANNOUNCED byStateGovt to encourage tourism. bt Subsidy was RECEIVED AFTER COMPLETION OF PROJECT&commncemnt of business.
Purpose of subsidy is imp ¬ the time of receipt(may b recvd even after10yrs).Hence it is CAPITAL RECEIPT
Company established Hotel industry based on subsidy ANNOUNCED byStateGovt to encourage tourism. bt Subsidy was RECEIVED AFTER COMPLETION OF PROJECT&commncemnt of business.
Purpose of subsidy is imp ¬ the time of receipt(may b recvd even after10yrs).Hence it is CAPITAL RECEIPT
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