Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
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.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
