Industrial promotion subsidy is capital receipt not chargeable to tax

Mahindra & Mahindra Ltd. Vs ACIT (ITAT Mumbai) ITAT Mumbai held that Industrial Promotion Subsidy received under Package Incentive Scheme 2007 declared by the Government of Maharashtra is capital receipt and hence not taxable. Facts- During the course of assessment proceedings, it was observed that the assessee is not deducting the TDS on certain year end provisions as the assessee is of the view that the liability of deducting TDS arises in subsequent year when the bill of the party is booked. Accordingly, the assessee was asked to show cause as to why due to non-deduction of TDS on year ...