2017 (1) TMI 50

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..... towards development of capital expenditure as the business of the assessee was to set up waterways. The Tribunal categorically comes to the conclusion that there was no income to the assessee, which was of revenue in nature and in the absence any accrual of income to the assessee on account of the subsidy grants it could not be said that the assessee was liable to pay any taxes on the same. Th .....

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..... ing questions of law are sought to be answered:- 1. Whether on the facts and circumstances of the case the Hon'ble ITAT was right in holding that the assessee has not commenced production because the projects taken up by the authority were still in the stage of the development and were incomplete? 2. Whether on the facts and circumstances of the case the Hon'ble ITAT was justifie .....

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..... n reasons for reaching conclusions that the subsidy, which was received by the assessee was in the nature of capital subsidy and has been used towards development of capital expenditure as the business of the assessee was to set up waterways. The Tribunal categorically comes to the conclusion that there was no income to the assessee, which was of revenue in nature and in the absence any accrual .....

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