https://www.taxtmi.com/caselaws?id=420911 The Tribunal allowed the assessee's appeal, directing the Assessing Officer to exclude the sales tax subsidy from the taxable income. The Tribunal emphasized that the rectification petition was not a fresh claim but a correction of an inadvertent error, citing legal precedents supporting the treatment of such subsidies as capital receipts. The Tribunal highlighted that higher authorities have the discretion to entertain additional grounds, ultimately granting relief and refund to the assessee. en-us Wed, 30 Mar 2022 00:00:00 +0530 Tue, 12 Apr 2022 12:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420911 The Tribunal allowed the assessee's appeal, directing the Assessing Officer to exclude the sales tax subsidy from the taxable income. The Tribunal emphasized that the rectification petition was not a fresh claim but a correction of an inadvertent error, citing legal precedents supporting the treatment of such subsidies as capital receipts. The Tribunal highlighted that higher authorities have the discretion to entertain additional grounds, ultimately granting relief and refund to the assessee. Case-Laws Income Tax Wed, 30 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420911