Interest subsidy under TUF scheme for setting up of new unit is capital receipt

DCIT Vs Orbit Exports Ltd. (ITAT Mumbai) We find that assessee had also received interest subsidy under TUF scheme of Rs.56,54,913/- and interest subsidy of Rs.29,18,192/- from Government of Gujarat and Maharashtra. We find that this subsidy originally was offered as revenue receipt by the assessee in its return of income, which was sought to be treated as a capital receipt by the assessee by way of a separate letter dated 19/02/2016 during the course of assessment proceedings. There is absolutely no discussion made by the ld.AO in the entire assessment order regarding receipt of interest subs...