https://www.taxtmi.com/caselaws?id=219710 The ITAT upheld the CIT(A)'s decision to treat Central Excise Duty refund and interest subsidy as capital receipts, dismissing the Revenue's challenge. It aligned with High Court and Supreme Court judgments, applying the purpose test to distinguish trading and capital receipts. The ITAT supported the treatment of certain receipts as capital, denying deduction under section 80IB for transport subsidy and interest income. Despite the tax effect being below Rs. 3 lacs, the appeal was filed in compliance with a Supreme Court directive. The ITAT's decision favored the assessee, dismissing the Revenue's appeal and partly allowing the assessee's appeal. en-us Mon, 02 Jul 2012 00:00:00 +0530 Tue, 18 Dec 2012 17:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219710 The ITAT upheld the CIT(A)'s decision to treat Central Excise Duty refund and interest subsidy as capital receipts, dismissing the Revenue's challenge. It aligned with High Court and Supreme Court judgments, applying the purpose test to distinguish trading and capital receipts. The ITAT supported the treatment of certain receipts as capital, denying deduction under section 80IB for transport subsidy and interest income. Despite the tax effect being below Rs. 3 lacs, the appeal was filed in compliance with a Supreme Court directive. The ITAT's decision favored the assessee, dismissing the Revenue's appeal and partly allowing the assessee's appeal. Case-Laws Income Tax Mon, 02 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219710