https://www.taxtmi.com/caselaws?id=303256 The Tribunal allowed all 18 appeals by the assessee, overturning the disallowance of relief claimed under section 80IC of the Income-tax Act, 1961 on the remission of VAT granted by the State Government. The Tribunal held that VAT remission is akin to Central Excise Refund, allowing the deduction as part of profits and gains of the eligible unit. The decision, based on established precedents, emphasized the similarity between VAT remission and Central Excise Refund, leading to the allowance of the assessee's claims and dismissing the Revenue's grounds. en-us Wed, 02 Aug 2017 00:00:00 +0530 Tue, 12 Jul 2022 09:12:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303256 The Tribunal allowed all 18 appeals by the assessee, overturning the disallowance of relief claimed under section 80IC of the Income-tax Act, 1961 on the remission of VAT granted by the State Government. The Tribunal held that VAT remission is akin to Central Excise Refund, allowing the deduction as part of profits and gains of the eligible unit. The decision, based on established precedents, emphasized the similarity between VAT remission and Central Excise Refund, leading to the allowance of the assessee's claims and dismissing the Revenue's grounds. Case-Laws Income Tax Wed, 02 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303256