Interest subsidy under technology upgradation fund scheme is capital receipt

DCIT Vs Grasim Industries Ltd (ITAT Mumbai) Interest subsidy under technology upgradation fund scheme is capital receipt ITAT Mumbai held that interest subsidy received under technology upgradation fund scheme, though credited in the net off against the interest expenditure in the books of account is still capital in nature. Facts- The main issue in the assessment was whether the subsidy received by the assessee for technology upgradation fund amounting to ₹ 83,426,992/– is capital receipt not chargeable to tax or revenue receipt chargeable to tax. AO considered it as a revenue receipt. On...