https://www.taxtmi.com/caselaws?id=181130 The Tribunal upheld the decision of the Ld. CIT(A) and the High Court, ruling in favor of the assessee that Excise Duty refund is a 'capital receipt' not subject to taxation under Section 80IB of the Income-tax Act, 1961. The High Court emphasized the industrial policy's objective of promoting employment in Jammu and Kashmir through industrial development. Consequently, all thirty appeals filed by the Revenue were dismissed, confirming that the Excise Duty refund is exempt as a 'capital receipt' in the hands of the assessee. en-us Fri, 09 Dec 2011 00:00:00 +0530 Thu, 07 Apr 2016 18:35:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181130 The Tribunal upheld the decision of the Ld. CIT(A) and the High Court, ruling in favor of the assessee that Excise Duty refund is a 'capital receipt' not subject to taxation under Section 80IB of the Income-tax Act, 1961. The High Court emphasized the industrial policy's objective of promoting employment in Jammu and Kashmir through industrial development. Consequently, all thirty appeals filed by the Revenue were dismissed, confirming that the Excise Duty refund is exempt as a 'capital receipt' in the hands of the assessee. Case-Laws Income Tax Fri, 09 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181130