Held that subsidy received by assessee from Government under Package Scheme of Incentives, 2007 was only to encourage setting up of industries in less developed areas of State and same is not for purpose of running business more profitably, same is to be treated as capital in nature. (AY. 2014-15)
Asian Paints Ltd. v. ACIT (2024) 205 ITD 680 (Mum.)(Trib.)
S. 4 : Charge of income-tax-Subsidy-Capital or revenue-Subsidy received by assessee from State Government under Package Scheme of Incentives, 2007 to encourage setting up of industries in less developed areas of State and not for purpose of running business more profitably is capital in nature.[S.28(i)]
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