Subsidy granted by Govt. for encouraging Industries are Capital Receipts: ITAT deletes Addition [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune bench has held that subsidies granted by the government for encouraging industries are capital receipts and deletes addition. The assessee, M/s. Aurangabad Electricals Limited is engaged in the manufacture of Automobile and Brake System Components and the Generation of power through windmills. During assessment proceedings, the Assessing Officer…