1999 (4) TMI 29 - HC - Income Tax

Summary

The High Court of Madhya Pradesh directed the Income-tax Appellate Tribunal to refer a question regarding the nature of a subsidy received by a cinema owner under a government scheme. The Tribunal's decision in favor of the cinema owner was based on previous judgments and the specific provisions of the scheme. The court emphasized the need to determine if the subsidy was a capital or revenue receipt. The application under section 256(2) was disposed of accordingly.