2024 (4) TMI 504 - SCH - Income Tax

Nature of receipts - subsidies - revenue or capital receipts - Whether Tribunal erred by not considering that subsides which may be used freely, are operational subsidies and not capital subsides and thus the same are taxable as revenue income? - HC 2024 (1) TMI 972 - CALCUTTA HIGH COURT decided issue in favour of the revenue and against the assessee HELD THAT - As petitioner Birla Corporation Limited submits that the issue regarding exemption granted under the Uttar Pradesh Trade Tax, 1948, and the effect thereof is pending consideration before this Court in 2018 (8) TMI 2138 - SC ORDER titled Tata Steel BSL Limited v. Commissioner of Income Tax Delhi . Issue notice on the present special leave petition as well as on the application for stay, returnable in the week commencing 29.07.2024. Notice will be served by all modes, including dasti. Liberty is granted to the petitioner Birla Corporation Limited to approach this Court in case any urgent order is required. Registry to tag all connected/similar matters.

Summary

The Supreme Court ordered notice on a special leave petition by Birla Corporation Limited regarding exemption under Uttar Pradesh Trade Tax, returnable in the week commencing 29.07.2024. The petitioner was granted liberty to approach the Court for urgent orders, and the registry was instructed to tag all connected/similar matters.