Blocked input tax credit for resort construction remains unavailable; interest follows actual utilisation, while delayed payment attracts statutory pe...
Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
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The Calcutta High Court addressed the nature of a sales tax incentive received under the "West Bengal Incentive Scheme, 2000" for industrial promotion. The scheme aimed at industrializing backward areas by providing incentives. The court held that the subsidy received was a capital receipt, not subject to Section 41(1) of the Income Tax Act, 1961. Referring to a previous case, the court emphasized the capital nature of the subsidy. The appellant failed to differentiate this case from a prior judgment on the same scheme. Consequently, the court ruled in favor of the respondent, affirming the subsidy as a capital receipt.
The Calcutta High Court addressed the nature of a sales tax incentive received under the "West Bengal Incentive Scheme, 2000" for industrial promotion. The scheme aimed at industrializing backward areas by providing incentives. The court held that the subsidy received was a capital receipt, not subject to Section 41(1) of the Income Tax Act, 1961. Referring to a previous case, the court emphasized the capital nature of the subsidy. The appellant failed to differentiate this case from a prior judgment on the same scheme. Consequently, the court ruled in favor of the respondent, affirming the subsidy as a capital receipt.
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