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2023 (4) TMI 114 - HC - Income TaxCharacterization of receipt/income - Taxability of sales tax subsidy as already offered for taxation by the assessee in its return of income - CIT(A) admitting the grounds of appeal for the first time - HELD THAT:- This ground is squarely covered by the decision of this Court in the case of Principal Commissioner of Income Tax vs. Krishi Rasayan Exports [P] Ltd [2022 (9) TMI 840 - CALCUTTA HIGH COURT] as held the incentives would have to be held capital and not revenue - once the object of the subsidy was to industrialize the State and to generate employment in the State, the fact that the subsidy took a particular form and the fact that it was granted only after commencement of production would make no difference - Decided in favour of assessee.
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