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HomeDirect TaxGovt. Subsidies Not Directly Attributable To Acquisition Of Specific Capital Assets, Taxable...

Govt. Subsidies Not Directly Attributable To Acquisition Of Specific Capital Assets, Taxable As Income: ITAT

Direct Tax

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By Mariya Paliwala
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The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has held that government subsidies which are not directly attributable to the acquisition of specific capital assets are taxable as income under the Income Tax Act. The bench of Vinay Bhamore (Judicial Member) and Dr. Manish Borad (Accountant Member) has observed that explanation 10 to…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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