1999 (8) TMI 921 - SCH - Income Tax

Power subsidy based on a percentage of electricity bills - Held that - Appeal allowed. As the subsidy is to meet a certain percentage of expenditure on power the receipt is therefore revenue in nature and is covered by the decision Sahney Steel and Press Work Ltd. v. Commr. of Income-tax 1997 (9) TMI 3 - SUPREME Court .

Summary

The Supreme Court allowed the appeal regarding a power subsidy based on electricity bills, stating that it is revenue in nature. The decision is in line with the case of Sahney Steel and Press Work Ltd. v. Commr. of Income-tax. No order was given regarding costs.