Commissioner of Income Tax v. Bougainvilla Multiplex Entertainment Centre Pvt. Ltd.

373 ITR 14High Court2015#4581 most cited

What is Commissioner of Income Tax v. Bougainvilla Multiplex Entertainment Centre Pvt. Ltd. authority for?

Subsidies or exemptions granted by a state government to an assessee, such as entertainment tax exemption for multiplexes, are treated as capital receipts and are not liable to income tax.

26

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2024.

Also referred to as

CIT v Bougainvilla Multiplex Entertainment Centre · capital receipt · subsidy · entertainment tax exemption · state government scheme · not taxable

Issues it is cited on

section 100profit split methodbright line testresale price methodsection 36(l)(va)amp expendituresection 92esection 92(1)cost plus methodfar analysissection 80ibcorporate guarantee

Judgments citing Commissioner of Income Tax v. Bougainvilla Multiplex Entertainment Centre Pvt. Ltd.

COMMISSIONER OF INCOME TAX-IV vs. MIS INDO RAMA TEXTILES LTD.

The appeals are disposed of in the aforesaid terms

ITA/395/2014HC Delhi23 Jan 2024

Bench: CASES PERTAINING TO SPL.DIVISION BENCHES

…Page 14 of 23 (vii) CIT v. Johnson Matthey India (P) Ltd. ITA No. 193 of 2015 (order dated 13.03.2015) (viii) CIT v. Bougainvillea Multiplex Entertainment Centre (P.) Ltd. [2015] 373 ITR 14 (Del) (ix) CIT v. Rasoi Ltd. [2011] 335 ITR 438 (Cal) (x) Sunbeam Auto (P.) Ltd. v. PCIT [2018] 402 ITR 309 (Del) (xi) PCIT v. Nestle India Ltd. [ITA 303 of 2023 (Order dated 04.07.2023)] Analysis and Reasons: 12. We have heard the learned counsel for the parties and perused the record. 13. As would be evident from the narration…

COMMISSIONER OF INCOME TAX-IV, vs. MIS INDO RAMA SYNTHETICS LTD.

The appeals are disposed of in the aforesaid terms

ITA/396/2014HC Delhi23 Jan 2024

Bench: CASES PERTAINING TO SPL.DIVISION BENCHES

…Page 14 of 23 (vii) CIT v. Johnson Matthey India (P) Ltd. ITA No. 193 of 2015 (order dated 13.03.2015) (viii) CIT v. Bougainvillea Multiplex Entertainment Centre (P.) Ltd. [2015] 373 ITR 14 (Del) (ix) CIT v. Rasoi Ltd. [2011] 335 ITR 438 (Cal) (x) Sunbeam Auto (P.) Ltd. v. PCIT [2018] 402 ITR 309 (Del) (xi) PCIT v. Nestle India Ltd. [ITA 303 of 2023 (Order dated 04.07.2023)] Analysis and Reasons: 12. We have heard the learned counsel for the parties and perused the record. 13. As would be evident from the narration…

COMMISSIONER OF INCOME TAX-IV, vs. MIS INDO RAMA TEXTILES LTD.

The appeals are disposed of in the aforesaid terms

ITA/392/2014HC Delhi23 Jan 2024

Bench: CASES PERTAINING TO SPL.DIVISION BENCHES

…Page 14 of 23 (vii) CIT v. Johnson Matthey India (P) Ltd. ITA No. 193 of 2015 (order dated 13.03.2015) (viii) CIT v. Bougainvillea Multiplex Entertainment Centre (P.) Ltd. [2015] 373 ITR 14 (Del) (ix) CIT v. Rasoi Ltd. [2011] 335 ITR 438 (Cal) (x) Sunbeam Auto (P.) Ltd. v. PCIT [2018] 402 ITR 309 (Del) (xi) PCIT v. Nestle India Ltd. [ITA 303 of 2023 (Order dated 04.07.2023)] Analysis and Reasons: 12. We have heard the learned counsel for the parties and perused the record. 13. As would be evident from the narration…

COMMISSIONER OF INCOME TAX-IV vs. MIS INDO RAMA SYNTHETICS LTD.

The appeals are disposed of in the aforesaid terms

ITA/397/2014HC Delhi23 Jan 2024

Bench: CASES PERTAINING TO SPL.DIVISION BENCHES

…Page 14 of 23 (vii) CIT v. Johnson Matthey India (P) Ltd. ITA No. 193 of 2015 (order dated 13.03.2015) (viii) CIT v. Bougainvillea Multiplex Entertainment Centre (P.) Ltd. [2015] 373 ITR 14 (Del) (ix) CIT v. Rasoi Ltd. [2011] 335 ITR 438 (Cal) (x) Sunbeam Auto (P.) Ltd. v. PCIT [2018] 402 ITR 309 (Del) (xi) PCIT v. Nestle India Ltd. [ITA 303 of 2023 (Order dated 04.07.2023)] Analysis and Reasons: 12. We have heard the learned counsel for the parties and perused the record. 13. As would be evident from the narration…

COMMISSIONER OF INCOME TAX-IV, vs. MIS INDO RAMA SYNTHETICS (I) LTD.

The appeals are disposed of in the aforesaid terms

ITA/394/2014HC Delhi23 Jan 2024

Bench: CASES PERTAINING TO SPL.DIVISION BENCHES

…Page 14 of 23 (vii) CIT v. Johnson Matthey India (P) Ltd. ITA No. 193 of 2015 (order dated 13.03.2015) (viii) CIT v. Bougainvillea Multiplex Entertainment Centre (P.) Ltd. [2015] 373 ITR 14 (Del) (ix) CIT v. Rasoi Ltd. [2011] 335 ITR 438 (Cal) (x) Sunbeam Auto (P.) Ltd. v. PCIT [2018] 402 ITR 309 (Del) (xi) PCIT v. Nestle India Ltd. [ITA 303 of 2023 (Order dated 04.07.2023)] Analysis and Reasons: 12. We have heard the learned counsel for the parties and perused the record. 13. As would be evident from the narration…

CORNMISSTORRER OF INCOME TAX-IV vs. MIS INDO RAMA SYNTHETICS LTD.

The appeals are disposed of in the aforesaid terms

ITA/398/2014HC Delhi23 Jan 2024

Bench: CASES PERTAINING TO SPL.DIVISION BENCHES

…Page 14 of 23 (vii) CIT v. Johnson Matthey India (P) Ltd. ITA No. 193 of 2015 (order dated 13.03.2015) (viii) CIT v. Bougainvillea Multiplex Entertainment Centre (P.) Ltd. [2015] 373 ITR 14 (Del) (ix) CIT v. Rasoi Ltd. [2011] 335 ITR 438 (Cal) (x) Sunbeam Auto (P.) Ltd. v. PCIT [2018] 402 ITR 309 (Del) (xi) PCIT v. Nestle India Ltd. [ITA 303 of 2023 (Order dated 04.07.2023)] Analysis and Reasons: 12. We have heard the learned counsel for the parties and perused the record. 13. As would be evident from the narration…

DCIT, NEW DELHI vs. M/S. UFLEX LTD., NEW DELHI

In the result, the appeal of the assessee is allowed and the appeal of the Revenue is dismissed

ITA 1855/DEL/2015[2010-11]Status: DisposedITAT Delhi30 Nov 2021AY 2010-11

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri M. P. RastogiFor Respondent: Shri S. Najmi [CIT] – D. R
Section 115JSection 14ASection 80I

…ld that subsidy granted by the West Bengal Government equivalent to 90% of the Sales Tax paid was also a capital receipt. Similar view has been taken by the Hon’ble Delhi High Court in the case of CIT Vs. Bougainvillea Multiplex Entertainment Centre Pvt. Ltd. 373 ITR 14 (Del). 29. Here also as noted above the object of the scheme under the Uttar Pradesh Industrial Policy and the Uttar Pradesh VAT Act, 2008 as per Section 42 provided that the benefit accrued to an assessee under the Section in terms of 4A of the Act as remained will continue and the assessee has to obtain fresh eligibility certificate which has be…

UFLEX LTD.,NEW DELHI vs. ACIT, NEW DELHI

In the result, the appeal of the assessee is allowed and the appeal of the Revenue is dismissed

ITA 1329/DEL/2015[2010-11]Status: DisposedITAT Delhi30 Nov 2021AY 2010-11

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri M. P. RastogiFor Respondent: Shri S. Najmi [CIT] – D. R
Section 115JSection 14ASection 80I

…ld that subsidy granted by the West Bengal Government equivalent to 90% of the Sales Tax paid was also a capital receipt. Similar view has been taken by the Hon’ble Delhi High Court in the case of CIT Vs. Bougainvillea Multiplex Entertainment Centre Pvt. Ltd. 373 ITR 14 (Del). 29. Here also as noted above the object of the scheme under the Uttar Pradesh Industrial Policy and the Uttar Pradesh VAT Act, 2008 as per Section 42 provided that the benefit accrued to an assessee under the Section in terms of 4A of the Act as remained will continue and the assessee has to obtain fresh eligibility certificate which has be…

M/S. DABUR INDIA LTD.,NEW DELHI vs. ADDL.CIT, NEW DELHI

In the result, the appeals filed by the Revenue are partly allowed and the appeals filed by the assessee are partly allowed for statistical purposes

ITA 6525/DEL/2014[2008-09]Status: DisposedITAT Delhi18 Feb 2021AY 2008-09

Bench: Shri R.K. Panda & Ms Suchitra Kamble

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri Anupam Kant Garg, CIT-DR
Section 115JSection 143(1)Section 143(2)Section 143(3)Section 80GSection 80ISection 92CSection 92E

…appeal, the Hon’ble the nature of capital receipt not liable to tax. 144. The ld. Counsel for the assessee also drew the attention to the decision of the Hon’ble Delhi High Court in the case of CIT vs. Bougainvillea Multiplex Entertainment Centre (P.) Ltd.: 373 ITR 14, wherein the assessee was engaged in the business of running of multiplex cinema halls and shopping malls. It had been the beneficiary of a scheme promulgated by the State Government wherein it had been granted exemption from entertainment tax payment. It claimed deduction to the extent of entertainment tax collected in the corresponding financial…

DCIT, NEW DELHI vs. M/S. DABUR INDIA LTD., NEW DELHI

In the result, the appeals filed by the Revenue are partly allowed and the appeals filed by the assessee are partly allowed for statistical purposes

ITA 6256/DEL/2014[2008-09]Status: DisposedITAT Delhi18 Feb 2021AY 2008-09

Bench: Shri R.K. Panda & Ms Suchitra Kamble

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri Anupam Kant Garg, CIT-DR
Section 115JSection 143(1)Section 143(2)Section 143(3)Section 80GSection 80ISection 92CSection 92E

…appeal, the Hon’ble the nature of capital receipt not liable to tax. 144. The ld. Counsel for the assessee also drew the attention to the decision of the Hon’ble Delhi High Court in the case of CIT vs. Bougainvillea Multiplex Entertainment Centre (P.) Ltd.: 373 ITR 14, wherein the assessee was engaged in the business of running of multiplex cinema halls and shopping malls. It had been the beneficiary of a scheme promulgated by the State Government wherein it had been granted exemption from entertainment tax payment. It claimed deduction to the extent of entertainment tax collected in the corresponding financial…

M/S. DABUR INDIA LTD.,NEW DELHI vs. ADDL.CIT, NEW DELHI

In the result, the appeals filed by the Revenue are partly allowed and the appeals filed by the assessee are partly allowed for statistical purposes

ITA 3241/DEL/2014[2007-08]Status: DisposedITAT Delhi18 Feb 2021AY 2007-08

Bench: Shri R.K. Panda & Ms Suchitra Kamble

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri Anupam Kant Garg, CIT-DR
Section 115JSection 143(1)Section 143(2)Section 143(3)Section 80GSection 80ISection 92CSection 92E

…appeal, the Hon’ble the nature of capital receipt not liable to tax. 144. The ld. Counsel for the assessee also drew the attention to the decision of the Hon’ble Delhi High Court in the case of CIT vs. Bougainvillea Multiplex Entertainment Centre (P.) Ltd.: 373 ITR 14, wherein the assessee was engaged in the business of running of multiplex cinema halls and shopping malls. It had been the beneficiary of a scheme promulgated by the State Government wherein it had been granted exemption from entertainment tax payment. It claimed deduction to the extent of entertainment tax collected in the corresponding financial…

DCIT, NEW DELHI vs. M/S. DABUR INDIA LTD., NEW DELHI

In the result, the appeals filed by the Revenue are partly allowed and the appeals filed by the assessee are partly allowed for statistical purposes

ITA 3114/DEL/2014[2007-08]Status: DisposedITAT Delhi18 Feb 2021AY 2007-08

Bench: Shri R.K. Panda & Ms Suchitra Kamble

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri Anupam Kant Garg, CIT-DR
Section 115JSection 143(1)Section 143(2)Section 143(3)Section 80GSection 80ISection 92CSection 92E

…appeal, the Hon’ble the nature of capital receipt not liable to tax. 144. The ld. Counsel for the assessee also drew the attention to the decision of the Hon’ble Delhi High Court in the case of CIT vs. Bougainvillea Multiplex Entertainment Centre (P.) Ltd.: 373 ITR 14, wherein the assessee was engaged in the business of running of multiplex cinema halls and shopping malls. It had been the beneficiary of a scheme promulgated by the State Government wherein it had been granted exemption from entertainment tax payment. It claimed deduction to the extent of entertainment tax collected in the corresponding financial…

DCIT CEN CIR 3(3) CEN RG 3, MUMBAI vs. WELSPUN CORP LTD, MUMBAI

In the result, appeal filed by the assesee and appeal filed by the revenue are partly allowed for statistical purpose

ITA 5722/MUM/2015[2007-08]Status: DisposedITAT Mumbai13 Dec 2019AY 2007-08

Bench: Shri G. Manjunatha & Shri Ram Lal Negim/S Welspun Corp Ltd. Vs. Dcit,Central Circle-22 Room No.465, 4Th Floor Welspun House 7Th Floor, B-Wing Aaykar Bhawan Kamla Mills Compound M.K.Road Senapati Bapat Marg Mumbai-400 020 Lower Parel Mumbai-400 013 Pan/Gir No.Aaacw0744L (Appellant) .. (Respondent) & Dcit,Central Circle-3(3) Vs. M/S Welspun Corp Ltd. Room No.401, 4Th Floor Welspun House 7Th Floor, B-Wing Aaykar Bhawan M.K.Road Kamla Mills Compound Mumbai-400 020 Senapati Bapat Marg Lower Parel Mumbai-400 013 Pan/Gir No.Aaacw0744L (Appellant) .. (Respondent)

Section 143(3)Section 14ASection 153ASection 32Section 32(1)(iia)Section 37Section 40aSection 43(1)

…ed as capital. In support of his contention, besides several decisions, he placed reliance on the following decisions:- Sr.No Case Law Citation 1 Sahney Steel 228 ITR 253 & Press (SC) Works Ltd 2 Ponni Sugars 306 ITR 392 & (SC) Chemic als Ltd. 3 Bougainvillea 373 ITR 14 (Trib Multiple x Ent. Centre (P) Ltd 4 Chaphalkar 351 ITR 309 Brother (Bom) s 5 Birla VXL Ltd. 32 taxmann.com 330(Guj) 6 M/s Ajanta ITA No. Manufa 793/Rjt/2 cturing 010 Ltd. 7 M/s Mihir ITA No. Packagi 5629/M/2 ng 011 8 M/s Nikomom ITANo. Finance 3580/M/2 Pvt Ltd. 012 9. Ld. Counsel further pointed out that in the case of the assessee, a search an…

WELSPUN CORP LTD,MUMBAI vs. DCIT CEN CIR 22, MUMBAI

In the result, appeal filed by the assesee and appeal filed by the revenue are partly allowed for statistical purpose

ITA 5370/MUM/2015[2007-08]Status: DisposedITAT Mumbai13 Dec 2019AY 2007-08

Bench: Shri G. Manjunatha & Shri Ram Lal Negim/S Welspun Corp Ltd. Vs. Dcit,Central Circle-22 Room No.465, 4Th Floor Welspun House 7Th Floor, B-Wing Aaykar Bhawan Kamla Mills Compound M.K.Road Senapati Bapat Marg Mumbai-400 020 Lower Parel Mumbai-400 013 Pan/Gir No.Aaacw0744L (Appellant) .. (Respondent) & Dcit,Central Circle-3(3) Vs. M/S Welspun Corp Ltd. Room No.401, 4Th Floor Welspun House 7Th Floor, B-Wing Aaykar Bhawan M.K.Road Kamla Mills Compound Mumbai-400 020 Senapati Bapat Marg Lower Parel Mumbai-400 013 Pan/Gir No.Aaacw0744L (Appellant) .. (Respondent)

Section 143(3)Section 14ASection 153ASection 32Section 32(1)(iia)Section 37Section 40aSection 43(1)

…ed as capital. In support of his contention, besides several decisions, he placed reliance on the following decisions:- Sr.No Case Law Citation 1 Sahney Steel 228 ITR 253 & Press (SC) Works Ltd 2 Ponni Sugars 306 ITR 392 & (SC) Chemic als Ltd. 3 Bougainvillea 373 ITR 14 (Trib Multiple x Ent. Centre (P) Ltd 4 Chaphalkar 351 ITR 309 Brother (Bom) s 5 Birla VXL Ltd. 32 taxmann.com 330(Guj) 6 M/s Ajanta ITA No. Manufa 793/Rjt/2 cturing 010 Ltd. 7 M/s Mihir ITA No. Packagi 5629/M/2 ng 011 8 M/s Nikomom ITANo. Finance 3580/M/2 Pvt Ltd. 012 9. Ld. Counsel further pointed out that in the case of the assessee, a search an…

MARUTI SUZUKI INDIA LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

Appeal of the assessee is partly allowed for statistical purpose

ITA 467/DEL/2014[2009-10]Status: DisposedITAT Delhi17 Oct 2018AY 2009-10

Bench: Shri R. K. Panda & Ms Suchitra Kamblei.T.A .No. 467/Del/2014 (A.Y 2009-10)

Section 143(3)Section 144CSection 144C(5)Section 43Section 43B

…e was capital receipt not liable to tax. The following decisions are also to the same effect: • CIT v. Chaphalkar Brothers Pune : 400 ITR 279 (SC) • Sunbeam Auto Pvt. Ltd. v. PCIT : 402 ITR 309 (Del.) • Bougainvillea Multiplex Entertainment Centre (P.) Ltd.: 373 ITR 14 (Del) • CIT vs. Siya Ram Garg (HUF): 237 CTR 21 (P&H) • CIT vs. Talbros Engineering Ltd.: 386 ITR 154 (P&H) • CIT vs Rasoi Ltd.: 335 ITR 438 (Cal.) • DCIT vs. Inox Leisure Ltd.: 351 ITR 314 (Guj) • Garden Silk Mills Ltd. v. CIT and Anr. : 394 ITR 192 (Guj.) • CIT vs. Birla VXL Ltd.: 215 Taxman 117 (Guj.) • DCIT vs. Munjal Auto Industries Ltd.: 218…

ASST CIT (LTU) 2, MUMBAI vs. RELIANCE INDUSTRIES LTD, MUMBAI

ITA 1547/MUM/2016[2010-11]Status: DisposedITAT Mumbai28 Sept 2018AY 2010-11

Bench: S/Shri B.R.Baskaran (Am) & Amarjit Singh (Jm)

Section 43B

…IN THE INCOME TAX APPELLATE TRIBUNAL “K” Bench, Mumbai Before S/Shri B.R.Baskaran (AM) & Amarjit Singh (JM) I.T.(TP)A. No. 1547/Mum/2016 (Assessment Year 2010-11) I.T.(TP)A. No. 2733/Mum/2017 (Assessment Year 2011-12) I.T.(TP)A. No. 5842/Mum/2017 (Assessment Year 2012-13) ACIT(Large Taxpayer Unit)-2 M/s. Reliance World Trade Centre 1 Vs. Industries limited 29th Floor, Cuffe Parade Maker Chambers IV Mumbai-400 005. 3rd Floor, 222 Nariman Point Mumbai-400 021. (Appellant) (Respondent) I.T.(TP)A. No. 1280/Mum/2016 (Assessment Year 2010-11) I.T.(TP)A. No. 2414/Mum/2017 (Assessment Year 2011-12) I.T.(TP)A. No.…

DCIT, NEW DELHI vs. M/S. SUTLEJ TEXTILES AND INDUSTRIES LTD., RAJASTHAN

In the result, the appeal of the Department is dismissed

ITA 336/DEL/2015[2010-11]Status: DisposedITAT Delhi11 Jul 2018AY 2010-11

Bench: Sh. H.S. Sidhu, Jm & Sh. Prashant Maharishi, Am

For Appellant: Sh. Rohit Jain, AdvFor Respondent: Sh. S. S. Rana, CIT (DR)
Section 115JSection 142(1)Section 143(1)Section 143(2)Section 80I

…Sham Lal Bansal in ITA 472/2010. v) Decision of Hon’ble Supreme Court in the case of CIT vs. Chaphalkar Brothers Pune : 88 taxmann.com 178. vi) Decision of Hon’ble Delhi High Court in the case of CIT vs. Boungianvillea Multiplex Entertainment Centre (P) Ltd. 373 ITR 14. 18 Sutlej Textiles and Industries Ltd. 8. We have considered the submissions of both the parties and carefully gone through the material available on the record. In the present case, it is noticed that a similar issue has been adjudicated by this Bench of the ITAT in ITA No. 5142/Del/2013 for the assessment year 2009-10 vide order dated 03.07.20…

MARUTI SUZUKI INDIA LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, the appeal of the assessee is allowed in part for statistical purposes

ITA 6021/DEL/2012[2008-09]Status: DisposedITAT Delhi09 Nov 2017AY 2008-09

Bench: Shri N.K. Saini & Shri K.N. Charry

Section 143(3)Section 144CSection 144C(5)Section 14ASection 35DSection 43BSection 92C

…d Chemicals Ltd: 306 ITR 392 (SC), Sahney Steel and Press Works Ltd. v. CIT: 228 ITR 253 (SC), V.S. S.V. Meenakshi Achi: 60 ITR 253 (SC), CIT v. Johnson Matthey India Pvt. Ltd. : ITA No. 193/2015 (Del.), Bougainvillea Multiplex Entertainment Centre (P.) Ltd.: 373 ITR 14 (Del), CIT vs. National Co-operative Consumer Federation Ltd.: 254 ITR 599 (Del), Shree Balaji Alloys vs. CIT: 198 Taxman 122 (J&K) – Revenue’s appeal dismissed by the Supreme Court in Civil Appeal No. 10061 of 2011 [287 CTR 459 (SC)], CIT vs. Ruby Rubber Works Ltd., 178 ITR 181 (Ker. FB) – affirmed by the Supreme Court in Kalpetta Estates Ltd. Vs…

THE COMMISSIONER OF INCOME TAX vs. M/S VARDHMAN INDUSTRIES LTD.

Appeals are partly allowed, in view of the

ITA/708/2004HC Delhi13 Jul 2017

Bench: CASES PERTAINING TO SPL.DIVISION BENCHES

Section 221Section 4

…e absence of any provision in the scheme with regard to the use of funds. 17. Learned counsel also relied upon the decision of a Division Bench of this Court in Commissioner of Income Tax vs. Bougainvilla Multiplex Entertainment Centre Pvt. Ltd. (2015) 373 ITR 14. There too, the Court held that subsidy given at the point of time after the commencement of production did not mean that the State ruled out capital utilization of the funds received. On the other hand, the very concept of grant of subsidy meant that the assessee was free to use it either to augment its profit or to recoup its capital. Th…

COMMISSIONER OF INCOME TAX DELHI vs. M/S BHUSHAN STEELS & STRIPS LTD

Appeals are partly allowed, in view of the

ITA/317/2003HC Delhi13 Jul 2017

Bench: CASES PERTAINING TO SPL.DIVISION BENCHES

Section 221Section 4

…e absence of any provision in the scheme with regard to the use of funds. 17. Learned counsel also relied upon the decision of a Division Bench of this Court in Commissioner of Income Tax vs. Bougainvilla Multiplex Entertainment Centre Pvt. Ltd. (2015) 373 ITR 14. There too, the Court held that subsidy given at the point of time after the commencement of production did not mean that the State ruled out capital utilization of the funds received. On the other hand, the very concept of grant of subsidy meant that the assessee was free to use it either to augment its profit or to recoup its capital. Th…

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