Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (5) TMI 128 - AT - Income TaxNature of receipt - Excise Duty refund and interest subsidy - revenue or capital receipt - AO treated as revenue receipt subject to tax as the impugned amount was given to assessee after the commencement of commercial production - Held that:- On identical facts and circumstances in the case of Shree Balaji Alloys (2011 (1) TMI 394 - Jammu and Kashmir High Court) has treated the impugned receipt as capital in nature and accordingly not chargeable to tax. The incentives received by assessee in the form of excise duty refund and interest subsidy are capital in nature and accordingly not chargeable to tax. We hold that the order of the CIT(A) is correct and in accordance with law and no interference is called for. - Decided against revenue.
|