Belated Form 10B filing during Covid-19 cannot defeat charitable exemption where genuine hardship warrants condonation and substantial justice prevail...
Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
A subsidy received under the Jammu & Kashmir New Industrial Policy by way of GST/excise duty refund was treated as a capital receipt not chargeable to tax. The Tribunal noted that a claim raised only through a revised computation, and not in the return or a revised return, was not entertainable by the Assessing Officer. On merits, it examined the Industrial Policy dated 14.06.2002 and Notification No. 56/2002, applied the reasoning in Gravita Metal Inc., and found the refund incentive to be an exemption for a specified period rather than a revenue receipt. The appeal was allowed.
A subsidy received under the Jammu & Kashmir New Industrial Policy by way of GST/excise duty refund was treated as a capital receipt not chargeable to tax. The Tribunal noted that a claim raised only through a revised computation, and not in the return or a revised return, was not entertainable by the Assessing Officer. On merits, it examined the Industrial Policy dated 14.06.2002 and Notification No. 56/2002, applied the reasoning in Gravita Metal Inc., and found the refund incentive to be an exemption for a specified period rather than a revenue receipt. The appeal was allowed.
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