https://www.taxtmi.com/caselaws?id=210594 ITAT Jaipur held that the assessee's sales tax incentive was a capital receipt, as the subsidy's purpose was to encourage setting up/expansion of industrial units, not to supplement trading receipts. Accordingly, deletion of the addition by CIT(A) was upheld and the Revenue's ground dismissed. The Tribunal refused to entertain the Revenue's new contention under s. 43(1) regarding non-reduction of the subsidy from the cost of assets, as it did not arise from the original or additional grounds and no leave was sought. The sales tax incentive, being a capital receipt, was excluded from book profit under s. 115JB. Transfer for capital gains was recognized even without registration. en-us Fri, 09 Sep 2011 00:00:00 +0530 Tue, 02 Dec 2025 19:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210594 ITAT Jaipur held that the assessee's sales tax incentive was a capital receipt, as the subsidy's purpose was to encourage setting up/expansion of industrial units, not to supplement trading receipts. Accordingly, deletion of the addition by CIT(A) was upheld and the Revenue's ground dismissed. The Tribunal refused to entertain the Revenue's new contention under s. 43(1) regarding non-reduction of the subsidy from the cost of assets, as it did not arise from the original or additional grounds and no leave was sought. The sales tax incentive, being a capital receipt, was excluded from book profit under s. 115JB. Transfer for capital gains was recognized even without registration. Case-Laws Income Tax Fri, 09 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210594