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ITAT remanded matter to verify whether interest subsidy on loan taken to set-up P&M was capital receipt

July 14, 2020[2020] 117 taxmann.com 661 (Kolkata - Trib.)

INCOME TAX: If interest subsidy received by assesee under Technology Upgradation Fund Scheme had been utilised by assessee for purpose of meeting interest liability on loans and advances taken by it to set up its plant and machinery, subsidy incentive could be considered as a capital receipt not chargeable to tax

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