https://www.taxtmi.com/caselaws?id=417457 Industrialisation-linked subsidies for sales tax, entry tax and electricity duty were treated as capital receipts because the subsidy purpose, not the payment form, was decisive; reduction from the asset block was therefore not permitted. Ad hoc disallowance of aircraft expenses for alleged non-business use failed without evidence. Book-profit computation under section 115JB was held to be a self-contained mechanism, so the section 80HHC restriction did not apply. The note also records allowance of coal levy, valuation of captive power transfers at State Electricity Board consumer rates, written down value depreciation on power assets, capital treatment of share application forfeiture, no notional interest where income had not accrued, and deductibility of employee welfare, finance-lease rentals and ESOP costs. en-us Wed, 01 Dec 2021 00:00:00 +0530 Fri, 29 Dec 2023 11:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417457 Industrialisation-linked subsidies for sales tax, entry tax and electricity duty were treated as capital receipts because the subsidy purpose, not the payment form, was decisive; reduction from the asset block was therefore not permitted. Ad hoc disallowance of aircraft expenses for alleged non-business use failed without evidence. Book-profit computation under section 115JB was held to be a self-contained mechanism, so the section 80HHC restriction did not apply. The note also records allowance of coal levy, valuation of captive power transfers at State Electricity Board consumer rates, written down value depreciation on power assets, capital treatment of share application forfeiture, no notional interest where income had not accrued, and deductibility of employee welfare, finance-lease rentals and ESOP costs. Case-Laws Income Tax Wed, 01 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417457