Bombay High Court Dismisses Assessee's Writ Petition Challenging Rejection of Revision Application Under Section 264 of Income Tax Act, 1961 — Subsidy Held as Revenue Receipt, Not Capital. The Court ruled that acceptance of subsidy as taxable income in the returns and before the Settlement Commission precluded later challenge, and the settlement order was final and binding....
The dispute arose from the petitioner, a public limited company engaged in textile manufacturing, having received interest reimbursement subsidies under the Government of India's Technology Upgradatio...
