SC stays operation of Delhi
HC judgment in Bhushan Steels and Strips Ltd on taxation of sales tax
subsidy as revenue receipt absent capital utilization condition, issues notices
for hearing of assessee's SLP; HC had held that amount received by
assessee (running a manufacturing unit in a specified backward area) for AY
1995-96 by way of exemption of sales tax payments under the UP state subsidy
scheme was a taxable trading receipt; HC had rejected assessee’s stand
that since the quantitative limit of subsidy was linked to capital expenditure,
the subsidy was capital in nature as it meant replenishing the capital
expenditure; HC had clarified that the quantitative limit indicated
therein was only a reference point, further HC had observed that assessee
had the flexibility of using the amounts retained for any purpose, not
necessarily capital
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