https://www.taxtmi.com/caselaws?id=273854 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) [CIT(A)] in treating the sales tax remission received by the assessee as a capital receipt, following the Supreme Court's distinction between subsidies for operational costs and those for capital investments. Additionally, the Tribunal supported the CIT(A)'s deletion of the notional "Market to Market" foreign exchange loss, emphasizing the recognition of such losses as per the mercantile system of accounting. The Revenue's appeals were dismissed, affirming the treatment of both issues in favor of the assessee. en-us Wed, 03 May 2017 00:00:00 +0530 Wed, 18 Jul 2018 06:08:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273854 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) [CIT(A)] in treating the sales tax remission received by the assessee as a capital receipt, following the Supreme Court's distinction between subsidies for operational costs and those for capital investments. Additionally, the Tribunal supported the CIT(A)'s deletion of the notional "Market to Market" foreign exchange loss, emphasizing the recognition of such losses as per the mercantile system of accounting. The Revenue's appeals were dismissed, affirming the treatment of both issues in favor of the assessee. Case-Laws Income Tax Wed, 03 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273854