https://www.taxtmi.com/caselaws?id=215294 The Tribunal upheld the CIT(A)'s decision in dismissing both appeals filed by the Revenue. The sales tax subsidy was considered a capital receipt, not subject to tax, following precedents such as Reliance Industries Ltd. The Tribunal also ruled that interest under section 234B of the Income Tax Act was not applicable due to a retrospective amendment, aligning with judicial precedents supporting non-levy of interest in such cases. en-us Fri, 22 Jun 2012 00:00:00 +0530 Tue, 31 Jul 2012 10:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215294 The Tribunal upheld the CIT(A)'s decision in dismissing both appeals filed by the Revenue. The sales tax subsidy was considered a capital receipt, not subject to tax, following precedents such as Reliance Industries Ltd. The Tribunal also ruled that interest under section 234B of the Income Tax Act was not applicable due to a retrospective amendment, aligning with judicial precedents supporting non-levy of interest in such cases. Case-Laws Income Tax Fri, 22 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215294