Sales tax subsidy is revenue receipt if can be used for any purpose
Q : Whether the amount received by the assessee by way of exemption of sales tax payments was a trading receipt and not a capital receipt, hence liable to tax ? Held , Yes HIGH COURT OF DELHI Commissioner of Income-tax v. Bhushan Steels & Strips Ltd. S. RAVINDRA BHAT AND NAJMI WAZIRI, JJ. IT APPEAL NOS.… Read More »