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ITAT upheld taxation of Rs. 90,22,491 waiver amount arising from prepayment of deferred sales tax liability at net present value. The appellant argued Finance Act 2015 amendments did not affect non-taxability of sales tax liability extinguishment. ITAT held the waiver constituted taxable benefit under section 28(iv) as "profits and gains of business or profession" since appellant paid reduced amount compared to actual sales tax collected from customers. The waiver qualified as government incentive under dispersal of industries scheme, bringing it within section 2(24)(xviii) definition of income effective April 1, 2015. Appellant's own audited accounts treated amount as "miscellaneous income" under profit and loss account. ITAT concluded waiver represented revenue benefit accruing from business operations, directing assessment officer to tax amount under section 28(iv). Appeal dismissed against assessee.
ITAT upheld taxation of Rs. 90,22,491 waiver amount arising from prepayment of deferred sales tax liability at net present value. The appellant argued Finance Act 2015 amendments did not affect non-taxability of sales tax liability extinguishment. ITAT held the waiver constituted taxable benefit under section 28(iv) as "profits and gains of business or profession" since appellant paid reduced amount compared to actual sales tax collected from customers. The waiver qualified as government incentive under dispersal of industries scheme, bringing it within section 2(24)(xviii) definition of income effective April 1, 2015. Appellant's own audited accounts treated amount as "miscellaneous income" under profit and loss account. ITAT concluded waiver represented revenue benefit accruing from business operations, directing assessment officer to tax amount under section 28(iv). Appeal dismissed against assessee.
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TaxTMI 
TaxTMI 
of 4915 
