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2022 (10) TMI 1032 - AT - Income TaxNature of receipt - Sales Tax Subsidy - revenue or capital receipt - MAT Computation u/s 115JB - HELD THAT:- Undisputedly, assessee company has received an amount on account of sales tax exemption benefit. The assessee company by relying upon the decision rendered in case of DCIT vs. Reliance Industries Ltd. [2003 (10) TMI 255 - ITAT BOMBAY-J] sought to treat the sales tax incentives received as capital receipt in nature, which plea has not been accepted by the AO who has proceeded to treat the sales tax subsidy as revenue receipt in the hands of the assessee. We direct the AO not to add sales tax subsidy received by the assessee, which is in the nature of capital receipt while computing the book profit u/s 115JB.
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