The Nanded District Central Co-op. Bank Ltd vs. DCIT (ITAT Pune)
The objective of the Government of Maharashtra to give grant to the assessee was to protect the interests of farmers and depositors from the Nanded district and for the said purpose the Government...
View ArticleUniDeritend Limited vs. ACIT (ITAT Mumbai)
So far as the contention of the AO that the subsidy is liable to be taxed under section 50 of the Act is concerned, we find that in this case neither there was a transfer of any asset from the block...
View ArticleCIT vs. Shree Balaji Alloys (Supreme Court)
The issue raised in these appeals is covered against the Revenue by the decision of this Court in "Commissioner of Income Tax, Madras Vs. Ponni Sugars and Chemicals Ltd.", reported in (2008) 9 SCC 337,...
View ArticleSiemens Public Communications Network Ltd vs. CIT (Supreme Court)
The question of law that was presented before the High Court, namely, whether subvention was capital or revenue receipt, was sought to be answered by the High Court by making a reference to two...
View ArticleCIT vs. Bhushan Steels And Strips Ltd (Delhi High Court)
How a state frames its policy to achieve its objectives and attain larger developmental goals depends upon the experience, vision and genius of its representatives. Therefore, to say that the...
View ArticleSpectrum Coal & Power Ltd vs. ACIT (ITAT Mumbai)
We have also gone through the provisions of Section 43(1) as well as Explanation 10 thereof. We noted that Section 43(1) defines the actual cost to mean the actual cost of the assets of the assessee...
View ArticleBhushan Steel vs. CIT (Supreme Court)
Taxability of subsidies: Supreme Court stays judgement of the Delhi High Court in CIT vs. Bhushan Steels And Strips Ltd which held that if the recipient has the flexibility of using it for any purpose...
View ArticleCIT vs. Chaphalkar Brothers Pune (Supreme Court)
The aforesaid object is clear and unequivocal. The object of the grant of the subsidy was in order that persons come forward to construct Multiplex Theatre Complexes, the idea being that exemption from...
View ArticleEssar Shipping Limited vs. CIT (Bombay High Court)
Conceptually, “loan” and “subsidy” are two different concepts. As per the Concise Oxford English Dictionary, Indian Edition, the term “loan” has been explained as a thing that is borrowed, especially a...
View Article
