Subsidy received after commencement of cold chain facility is revenue receipt

JCIT (OSD) Vs Kute Sons Dairys Ltd. (ITAT Pune) ITAT Pune held that receipt of government grant-aid after commencement of cold chain facility is nothing but subsidy for running business more profitably or meeting daily business expenses and hence the same is considered as revenue receipt and thus taxable. Facts- The assessee is a limited company engaged in the business of Unit manufacturing homogenized and pasteurized milk and manufacturing of milk products like Ghee Butter, milk powder and other milk products. During the course of assessment proceedings, the Assessing Officer noted that the a...