1990 (12) TMI 71

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..... for the decision of this court : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the sales tax subsidy received by the assessee from the Madhya Pradesh Government is not taxable in the hands of the assessee ? 2. Whether the Tribunal was justified in following their own decision in ITA. Nos. 246 and 247 (Nag)/80 and ITA No. 1342/Hyd/19 .....

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..... in respect of industries situated only in backward areas, the same was given by way of an incentive for capital investment and not by way of addition to the profits of the assessee. In such a circumstance, the sales tax subsidy received by the assessee was not assessable to tax as revenue receipt. That being so, it is not necessary to direct the Tribunal to make any reference of the questions as .....

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