https://www.taxtmi.com/caselaws?id=275550 A receipt treated as capital in nature, rather than a trading receipt, is outside ordinary revenue income on the principles applied from Supreme Court authorities distinguishing capital recoveries from business receipts. On that footing, the amount was held not liable to tax as revenue income. In computing book profit under the MAT provision, only adjustments expressly authorised by Section 115JB can be made, and the Assessing Officer cannot recast audited accounts on a different view of profit. Because the receipt was capital in nature, it was not includible in book profit. The tribunal's view was upheld and the assessee succeeded on both issues. en-us Tue, 22 Aug 2017 00:00:00 +0530 Mon, 08 Oct 2018 07:23:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275550 A receipt treated as capital in nature, rather than a trading receipt, is outside ordinary revenue income on the principles applied from Supreme Court authorities distinguishing capital recoveries from business receipts. On that footing, the amount was held not liable to tax as revenue income. In computing book profit under the MAT provision, only adjustments expressly authorised by Section 115JB can be made, and the Assessing Officer cannot recast audited accounts on a different view of profit. Because the receipt was capital in nature, it was not includible in book profit. The tribunal's view was upheld and the assessee succeeded on both issues. Case-Laws Income Tax Tue, 22 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275550