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2021 (9) TMI 1434 - AT - Income TaxMAT computation u/s 115JB - exclusion of Interest Subsidy and of Excise Duty Refund being capital in nature - HELD THAT:- We find, the issue stands squarely covered in favour of the assessee by the decision of the Hon’ble Calcutta High Court in the case of PCIT vs. Ankit Metal & Power Ltd. [2019 (7) TMI 878 - CALCUTTA HIGH COURT] Since, in the instant case, the Revenue has accepted the order of the CIT(A) in holding that interest subsidy and Excise Duty refund are capital receipts, therefore, respectfully following the decision of the Hon’ble Calcutta High Court in the case of Ankit Metal & Power Ltd., cited (supra) and in absence of any contrary material brought to our notice, we hold that the above two receipts being not in the nature of income cannot be included for the purpose of computation u/s 115JB - We, therefore, set aside the order of the ld.CIT(A) on this issue and allow the grounds raised by the assessee.
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