Interest reimbursement received under Technology Up-gradation Fund Scheme is capital receipt

ACIT Vs Shahi Exports Pvt Ltd (ITAT Delhi) ITAT Delhi held that TUFS (Technology Up-gradation Fund Scheme) was introduced by the Government to provide subsidy on loan taken for technological upgradation by the units in the textile industry and hence interest reimbursement received by the assessee is a capital receipt. Facts- The assessee has preferred th present appeal contesting that the ld. CITA erred in deleting the addition of Rs.17.02 crores received by the assessee as interest reimbursement under Technology Upgradation Scheme [TUFS], treating the same as capital receipt, even though the ...