[aaykarbhavan] Mere transfer of an amount from subsidy account to partner’s capital account wouldn’t make it liable to tax

 

Mere transfer of an amount from subsidy account to partner's capital account wouldn't make it liable to tax

March 21, 2014[2014] 42 taxmann.com 386 (Gujarat)

IT : Merely because assessee changed nature of treatment of subsidy received in year 1995 from subsidy account to partner's capital account for accounting purpose, it would not permit revenue to examine taxability of such receipt in assessment year 2004-05 by reassessment proceedings

Regards

Prarthana Jalan

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