SC stays Bhushan Steel judgment on capital vs. revenue nature of sales tax subsidy

Nov 24,2017

SC stays operation of Delhi HC judgment in Bhushan Steels and Strips Ltd on taxation of sales tax subsidy as revenue receipt absent capital utilization condition, issues notices for hearing of assessee's SLP; HC had held that amount received by assessee (running a manufacturing unit in a specified backward area) for AY 1995-96 by way of exemption of sales tax payments under the UP state subsidy scheme was a taxable trading receipt; HC had rejected a...

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