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SECTION 4 OF THE INCOME-TAX ACT, 1961 – INCOME – CAPITAL OR REVENUE RECEIPTS

Subsidy : Subsidy received by assessee from State Government under Package Scheme of Incentives, 2007 to encourage setting up of industries in less developed areas of State and not for purpose of running business more profitably, was capital in nature – Asian Paints Ltd. v. Assistant Commissioner of Income-tax – [2024] 160 taxmann.com 402 (Mumbai – Trib.)

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