Supreme Court of India
Commissioner of Income Tax, Madras v. Ponni Sugars & Chemicals Ltd.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
2 Supreme Court benches have cited this judgment.
From the headnote
Income Tax Act, 1961: Subsidy receipt - Determination of nature - Whether in- c cludible in total income Held: Character of such receipt has to be determined applying the purpose test i.e. the purpose for which the subsidy is given - In the instant case, the object of the subsidy was capital in nature to utilize the same only for repayment of term loan undertaken by the assessee for set- ting up new units/expansion of existing business- Hence such .,._ - receipt was not includible in total income. s. 80 P(2)(a)(i) - Exemption under - In respect of inter- est received from the members of
Where later benches applied it
- 2021 The Mavilayi Service Cooperative Bank Ltd. & Ors. v. Commissioner of Income Tax, Calicut & Anr.
- 2022 Assistant Commissioner of Income Tax (exemptions) v. Ahmedabad Urban Development Authority
Of those, 1 relied on · 1 referred to
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