2017 (7) TMI 1171 - HC - Income Tax

Revenue receipt or capital receipt - entertainment duty subsidy - applicability of decision in Sahney Steel and Press Works Ltd. v. CIT 1997 (9) TMI 3 - SUPREME Court - Held that - In the present appeal that subsidy of entertainment duty given to the Assessee by the State Government is in the nature of Revenue receipt has been held by this Court in case of Commissioner of Income Tax-1, Kolhapur vs. Chaphalkar Brothers, reported in 2013 (6) TMI 73 - BOMBAY HIGH COURT

Summary

The Bombay High Court dismissed the appeal for Assessment Year 2008-09 as subsidy of entertainment duty given to the Assessee was considered a revenue receipt based on a previous court ruling.