https://www.taxtmi.com/caselaws?id=375434 Incentives by way of excise duty refund and sales tax exemption for industrial units in Kutch were treated as capital receipts because the schemes were aimed at inducing new investment, employment, and regional development; they were therefore not chargeable to tax and did not reduce actual cost under section 43(1). For section 14A, the existence of own funds exceeding investments meant no interest disallowance was justified under rule 8D, but the administrative expenditure component required fresh examination. The remaining disputes, including premature redemption, book profit adjustments, penalties, and alleged bogus purchases, were remitted for de novo adjudication on proper facts and law. en-us Fri, 11 Jan 2019 00:00:00 +0530 Tue, 19 Feb 2019 07:36:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375434 Incentives by way of excise duty refund and sales tax exemption for industrial units in Kutch were treated as capital receipts because the schemes were aimed at inducing new investment, employment, and regional development; they were therefore not chargeable to tax and did not reduce actual cost under section 43(1). For section 14A, the existence of own funds exceeding investments meant no interest disallowance was justified under rule 8D, but the administrative expenditure component required fresh examination. The remaining disputes, including premature redemption, book profit adjustments, penalties, and alleged bogus purchases, were remitted for de novo adjudication on proper facts and law. Case-Laws Income Tax Fri, 11 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375434