1998 (9) TMI 38 - HC - Income Tax

Summary

The High Court of Madras ruled that a grant of Rs. 5 lakhs by the Government to a corporation was a capital receipt earmarked for a specific purpose and not taxable income. The Tribunal's decision was upheld, stating that the amount was received as capital funds for creating a permanent exhibition fund. The grant was for a specific purpose and considered a capital receipt, not taxable income.