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ITAT allowed the assessee's additional claims in part and remitted matters to the Assessing Officer. For A.Y. 2017-18 and A.Y. 2018-19 the Tribunal admitted the claim that export incentives under FPS/MEIS constitute capital receipts and restored the issue to the AO to examine merits, quantify amounts, and decide afresh after hearing the assessee. For A.Ys. 2012-13 to 2016-17 the Tribunal restored the admissibility issue to the AO to determine whether such claims can be entertained in proceedings under s.153A in the absence of incriminating material, permitting the assessee to raise all contentions. On merits the Tribunal held MEIS "rewards" are capital receipts outside s.2(24) and directed deletion of additions treated as revenue income.
ITAT allowed the assessee's additional claims in part and remitted matters to the Assessing Officer. For A.Y. 2017-18 and A.Y. 2018-19 the Tribunal admitted the claim that export incentives under FPS/MEIS constitute capital receipts and restored the issue to the AO to examine merits, quantify amounts, and decide afresh after hearing the assessee. For A.Ys. 2012-13 to 2016-17 the Tribunal restored the admissibility issue to the AO to determine whether such claims can be entertained in proceedings under s.153A in the absence of incriminating material, permitting the assessee to raise all contentions. On merits the Tribunal held MEIS "rewards" are capital receipts outside s.2(24) and directed deletion of additions treated as revenue income.
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