The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has held that the subsidy received under the technical upgradation fund (TUF) scheme is the capital receipt and therefore, no income tax can be levied on such grant. The assessee treated the amount received under the technical upgradation fund scheme as capital receipt whereas the […]
The post Subsidy received under Technical Upgradation Fund Scheme is Capital Receipt: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
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