Subsidies are to be included in “profits and gains of business or profession”: Supreme Court [Read Judgment]

Supreme Court in Commissioner Of Income Tax vs. M/s. Meghalaya Steels, has clarified that subsidies allowed to assessee, has to be included under the head “profits and gains of business or profession”, and not under the head “income from other sources” for the purpose of Income Tax assessment.Dismissing the appeal preferred by the Revenue, the Apex Court Bench comprising of...