Held that the object of the West Bengal Incentive Scheme was for encouraging the setting up of new industrial units and expansion of existing industrial units pursuant to which Industrial Promotion Assistance was to be paid in the form of power subsidy, sales tax or value added tax subsidy to the assessee. The assessee had invested in the sponge iron plant and mega project (induction manufacturing units sponge iron, power, billet) according to the Scheme, which made the assessee eligible for subsidy under the Scheme taken out by the Government of West Bengal for making capital investment in the State. Therefore the nature of subsidies received under the State Industrial Scheme was in the capital field not exigible to tax. Followed   CIT v. Chaphalkar Brothers (2018) 400 ITR 279 (SC). (AY.2013-14)