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Case Law Details

Case Name : Hyundai Motor India Ltd. Vs ACIT (ITAT Chennai)
Appeal Number : IT (TP) A No. 51/Chny/2021
Date of Judgement/Order : 27/09/2023
Related Assessment Year : 2012-13
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Hyundai Motor India Ltd. Vs ACIT (ITAT Chennai)

ITAT Chennai held that subsidy received from Government of India under the Focus Market Scheme is Revenue in nature. The same cannot be at any stretch of imagination considered as capital in nature.

Facts- The assessee is a wholly owned subsidiary of M/s. Hyundai Motor Company Ltd., South Korea. The assessee is in the business of manufacturing and selling passenger cars in domestic and export markets.

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