Law:

Section:

Section 4, read with section 256 of the Income-tax Act, 1961 - Income - Chargeable as - Tribunal held that consistent with the practice followed in previous years cash subsidies should be taxed in year in which they were received - Whether, since neither assessee had asked for a change in that system nor any change was ordered by ITO, Tribunal was justified in following same system for relevant assessment year - Held, yes - Whether, therefore, no referable question of law arose out of Tribunal's order - Held, yes Note : The decision was in favour of assessee. JUDGMENT B.P. Jeevan Reddy,…

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