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Section 143(3),Income-tax Act, 1961

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Was the electricity subsidy received by Mepco Industries a capital or revenue receipt?

Electricity Subsidy from Pondicherry Government Held a Taxable Revenue Receipt

M/S. Mepco Industries Ltd. vs. Commissioner of Income Tax, Madurai

Income Tax / Subsidy — Capital vs. Revenue Receipt Verified

The Supreme Court dismissed the appeal and held that the electricity subsidy received from the Government of Pondicherry was a revenue receipt taxable under the Income-tax Act, 1961.

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