Dismissing the appeal of the revenue the Court held that, power subsidy received by assessee-company from State Government under Power Intensive Industries Scheme, 2005, for setting up a new industrial unit in backward area was capital receipt and, not liable to tax.( AY. 2001-01 , 2003 -04)
CIT v. Keventer Agro Ltd. (2018) 256 Taxman 437 (Cal) (HC)
S. 4 : Charge of income-tax -Capital or revenue -Power subsidy received by assessee company from State Government under Power Intensive Industries Scheme, 2005, for setting up a new industrial unit in backward area was capital receipt and, thus, not liable to tax