Cash assistance can not be treated as capital asset – ITAT Chennai

S.P.G. Ramasamy Nadar & Sons Vs. ACIT (ITAT Chennai) –  The ground raised by the assessee is that the Commissioner of Income Tax (Appeals) has erred in confirming that cash assistance is taxable in the hands of the assessee. It is the case of the assessee that the Commissioner of Income Tax(Appeals) himself has allowed the claim of the assessee for the earlier assessment year and he is taking inconsistent view as far as the impugned assessment year is concerned. It is also the grievance of the assessee that the alternative plea that cash assistance is not to be taxed under the head ...