Subsidy under TUFS scheme was capital receipt and not taxable

PCIT Vs Nitin Spinners Ltd. (Rajasthan High Court) In the given case the issue under consideration is that the amount claimed as capital receipts, by the assessee are taxable and have to be treated as income or not? The assessee is a textile manufacturer. For the relevant year i.e. 2013-2014, it received the Technology Upgradation Fund, pursuant to a scheme drawn by the Union Textile Ministry. The payment of invasion of amounts by deferred repayment of interest, as it were. The Technology Upgradation Fund programme the amounts were to be treated as non-interest bearing term loans by the Bank. ...