https://www.taxtmi.com/caselaws?id=184631 The High Court of Madras determined that a sum of Rs. 1,24,05,255, comprising of purchase price and excise duty rebate/incentive, should be treated as business income under the Income-tax Act, 1961. The Court clarified that while the purchase tax subsidy constitutes taxable income, the excise duty rebate/incentive does not. The Court directed the Tribunal to differentiate between the two components for accurate tax assessment. Despite ruling in favor of the Revenue, the Court remitted the matter back to the Tribunal for further clarification on the taxable portions, with no costs awarded. en-us Mon, 02 Dec 2002 00:00:00 +0530 Thu, 14 Jul 2016 17:24:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184631 The High Court of Madras determined that a sum of Rs. 1,24,05,255, comprising of purchase price and excise duty rebate/incentive, should be treated as business income under the Income-tax Act, 1961. The Court clarified that while the purchase tax subsidy constitutes taxable income, the excise duty rebate/incentive does not. The Court directed the Tribunal to differentiate between the two components for accurate tax assessment. Despite ruling in favor of the Revenue, the Court remitted the matter back to the Tribunal for further clarification on the taxable portions, with no costs awarded. Case-Laws Income Tax Mon, 02 Dec 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184631