https://www.taxtmi.com/caselaws?id=338746 The Tribunal ruled in favor of the appellant, M/s. Flex Foods Limited, in a case concerning the disallowance of deductions under section 80-IC for incentives granted under VKGUY to offset high transport costs. The Tribunal directed the Assessing Officer to reconsider the matter in accordance with previous treatment of transport subsidies. Additionally, the Tribunal held that the transport subsidy should be considered income derived from the industrial undertaking for eligibility under section 80IC, in line with past practices. The Tribunal also instructed a reassessment by the AO regarding the inclusion of incentives as subsidiary and capital in nature for total income calculation under section 115JB. en-us Mon, 21 Nov 2016 00:00:00 +0530 Fri, 10 Feb 2017 09:25:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338746 The Tribunal ruled in favor of the appellant, M/s. Flex Foods Limited, in a case concerning the disallowance of deductions under section 80-IC for incentives granted under VKGUY to offset high transport costs. The Tribunal directed the Assessing Officer to reconsider the matter in accordance with previous treatment of transport subsidies. Additionally, the Tribunal held that the transport subsidy should be considered income derived from the industrial undertaking for eligibility under section 80IC, in line with past practices. The Tribunal also instructed a reassessment by the AO regarding the inclusion of incentives as subsidiary and capital in nature for total income calculation under section 115JB. Case-Laws Income Tax Mon, 21 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338746