https://www.taxtmi.com/caselaws?id=286996 Sales tax incentive was treated as a capital receipt not chargeable to tax, following earlier Tribunal rulings on the same assessee's claim and similar coordinate bench decisions. The Tribunal further held that a receipt lacking the character of income should not enter book profit computation under section 115JB unless the statute specifically so provides, and directed exclusion of the incentive from net profit for MAT purposes. The delay in filing the cross objection was also condoned on the basis of reasonable cause, as the factual claim was already on record and the omission was attributed to counsel's mistake. en-us Wed, 08 Aug 2018 00:00:00 +0530 Mon, 16 Sep 2024 17:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286996 Sales tax incentive was treated as a capital receipt not chargeable to tax, following earlier Tribunal rulings on the same assessee's claim and similar coordinate bench decisions. The Tribunal further held that a receipt lacking the character of income should not enter book profit computation under section 115JB unless the statute specifically so provides, and directed exclusion of the incentive from net profit for MAT purposes. The delay in filing the cross objection was also condoned on the basis of reasonable cause, as the factual claim was already on record and the omission was attributed to counsel's mistake. Case-Laws Income Tax Wed, 08 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286996