https://www.taxtmi.com/caselaws?id=235605 Excise duty refund received as an incentive for industrial development was treated as a capital receipt because the character of a subsidy or refund depends on its purpose. The Tribunal followed binding precedent holding that incentives granted for promoting industry and serving a public purpose are capital in nature, and the Revenue produced no contrary material to displace that finding. The refund was therefore not taxable as a revenue receipt arising from ordinary business operations. en-us Tue, 07 May 2013 00:00:00 +0530 Mon, 29 Jul 2013 10:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235605 Excise duty refund received as an incentive for industrial development was treated as a capital receipt because the character of a subsidy or refund depends on its purpose. The Tribunal followed binding precedent holding that incentives granted for promoting industry and serving a public purpose are capital in nature, and the Revenue produced no contrary material to displace that finding. The refund was therefore not taxable as a revenue receipt arising from ordinary business operations. Case-Laws Income Tax Tue, 07 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235605