https://www.taxtmi.com/caselaws?id=278648 The Tribunal determined that the government incentives received by the assessee should be classified as capital receipts, not revenue receipts, as they were intended for setting up new industrial units. The Tribunal emphasized the "purpose test" in reaching this conclusion, citing relevant case law. The Tribunal set aside the issue of prior period expenses for fresh adjudication, did not provide a specific ruling on interest under sections 234B and 234C, and deemed the initiation of penalty proceedings premature. The Tribunal's consolidated order provided consistent treatment of issues across multiple assessment years, offering clarity for future assessments. en-us Fri, 18 Dec 2015 00:00:00 +0530 Sat, 16 Feb 2019 06:27:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278648 The Tribunal determined that the government incentives received by the assessee should be classified as capital receipts, not revenue receipts, as they were intended for setting up new industrial units. The Tribunal emphasized the "purpose test" in reaching this conclusion, citing relevant case law. The Tribunal set aside the issue of prior period expenses for fresh adjudication, did not provide a specific ruling on interest under sections 234B and 234C, and deemed the initiation of penalty proceedings premature. The Tribunal's consolidated order provided consistent treatment of issues across multiple assessment years, offering clarity for future assessments. Case-Laws Income Tax Fri, 18 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278648