need of higher investment in plant and machinery or equipment for technological upgradation, employment generation and enhanced competitiveness of the class or classes of enterprises
development of skill in the employees, management and entrepreneurs, provisioning for technological upgradation marketing assistance or infrastructure facilities and cluster development of such enterprises with
quality oriented. With this background, Govt. of India launched a
Technology Upgradation Fund Scheme (TUFS) for textile and jute industries ... Capital Subsidy (CLCS) or by
way of 5% interest reimbursement under Technology Upgradation Scheme. This
according to the Assessee was Conclusive proof that the incentive
noticed that
the Ministry of Textiles, Government of India has formulated
Technology Upgradation Fund Scheme (TUFS) for Textile and Jute
Industry. Under the said scheme ... grievance of the assessee relates to treating
interest subsidy received under Technology Upgradation
Fund (TUF) Scheme as revenue receipt.
22. We have considered rival contentions
subsidy on Term Loans Rs.27,95,18,563/-
sanctioned Under Technology
upgradation Fund (TUF) Scheme
iv) Insurance subsidy received under ... Indian textiles industry has suffered from severe
technological obsolescence and lack of economies of
scale. The Technology Upgradation Fund Scheme
(TUFS), which was introduced
incentive is given with the objective to promote investment in
technology upgradation and is granted @ 1% of FOB value of Export.
The investment in technology ... someway connected to capital receipt in the form of technology
upgradation and expansion of capacity of the plant. The Hon'ble
Supreme Court
treating interest reimbursement of Rs.1,81,81,351/- under Technology
Upgradation Fund Scheme (TUFS) as capital receipt.
2
Following grounds raised by the Assessee ... treating interest reimbursement of Rs.1,82,79,859/- under Technology
Upgradation Fund Scheme (TUFS) as capital receipt.
Following grounds raised by the Assessee
M/S. Grasim Industries Ltd., Mumbai vs Dcit Cir - 6(3), Mumbai on 4 July
dated 31st March, 1999, introduced the Technology Upgradation Fund
Scheme (TUFS), which, in substance, provided 5% reimbursement of
the interest charged by financial institutions identified ... under the TUFS. Clause 1, thereunder, contained in the
―Definition of Technology Upgradation‖, and defined
Technology Upgradation as meaning induction of state
pertaining to treating the subsidy received by the assessee
under Technology Upgradation Fund ("TUF") Scheme as capital
receipt and thus not chargeable
