Interest subsidy under TUFS treated as capital receipt, for overall growth and generation of employment: ITAT [Read Order]

Interest - subsidy - TUFS - capital - receipt - growth - generation - employment - ITAT - TAXSCAN

The Delhi bench of Income Tax Appellate Tribunal (ITAT) observed that the purpose of granting subsidy under TUFS (Technology Up-gradation Fund Scheme) by the Ministry of Textiles, Government of India was for overall growth and generation of employment and held that interest reimbursement received by the assessee is a capital receipt. The assessee M/s Shahi…

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