INCOME TAX : Where assessee was granted subsidy under West Bengal Incentive Scheme, 2000 and amount of subsidy which was given was in nature of reimbursement of 75 per cent of sales tax/VAT actually paid by assessee, since object of assistance under subsidy scheme was to enable assessee to set up a new unit and reimbursement of 75 per cent of sales tax paid had been termed as Industrial Promotion Assistance, receipt of subsidy would be a capital receiptINCOME TAX : Where assessee was granted subsidy under West Bengal Incentive Scheme, 2000 and amount of subsidy which was given was in nature of reimbursement of 75 per cent of sales tax/VAT actually paid by assessee, since object of assistance under subsidy scheme was to enable assessee to set up a new unit and reimbursement of 75 per cent of sales tax paid had been termed as Industrial Promotion Assistance, receipt of subsidy would be a capital receiptwww.taxmann.com Latest Case LawsRead More
