Supreme Court · 2016 INSC 253 · Decided 9 March 2016
Commissioner of Income Tax v. M/S. Meghalaya Steels LTD.
- Court
- Supreme Court of India
- Citation
- 2016 INSC 253 · [2016] 1 S.C.R. 952
- Case number
- CIVIL APPEAL No. 7622/2014
- Decided
- 9 March 2016
- Bench
- KURIAN JOSEPH, R.F. NARIMAN (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
Headnote
Income Tax Act; 1961: ss.80IB, 80IC - Deduction under - Subsidies - Transport/Interest/Power/Insurance subsidy - Held: C Eligible for deduction - These subsidies are revenue receipts which are reimbursed to the assessee for elements of cost relating to manufacture or sale of their products, there to be a direct nexus between profits and gains of the industrial undertaking or business, and reimbursement of such subsidies. D E F G H Dismissing the appeals, the Court HELD: 1. The judgment in *Sterling Foods lays down a very important test in order to determine Whether profits and gains are
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