Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
Capital subsidy received by assessee for setting up new industry, by way of refund of sales tax/excise duty, is a capital receipt not includible in book profits for MAT computation u/s 115JB. Once subsidy is reduced from written down value (WDV) of assets for depreciation purposes, it cannot be treated as income u/s 2(24)(xviii) from A.Y. 2016-17 onwards. Capital receipts are excluded from book profits even if credited in profit and loss account. Allowing subsidy for depreciation but disallowing for MAT would lead to double taxation. Consistent treatment should be given for regular income and MAT purposes.
Capital subsidy received by assessee for setting up new industry, by way of refund of sales tax/excise duty, is a capital receipt not includible in book profits for MAT computation u/s 115JB. Once subsidy is reduced from written down value (WDV) of assets for depreciation purposes, it cannot be treated as income u/s 2(24)(xviii) from A.Y. 2016-17 onwards. Capital receipts are excluded from book profits even if credited in profit and loss account. Allowing subsidy for depreciation but disallowing for MAT would lead to double taxation. Consistent treatment should be given for regular income and MAT purposes.
Note: It is a system-generated summary and is for quick reference only.
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