https://www.taxtmi.com/caselaws?id=424943 The High Court held that Value Added Tax (VAT) remission qualifies as a business receipt under Section 80IC of the Income Tax Act, constituting business income eligible for deduction. The court referenced precedents emphasizing that subsidies enhancing profits are deductible, distinguishing VAT remission from sales tax rebates. The court affirmed the tribunal's decision, dismissing the appeal and ruling in favor of the assessee, allowing the VAT remission as a deduction. en-us Wed, 06 Jul 2022 00:00:00 +0530 Mon, 25 Sep 2023 10:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424943 The High Court held that Value Added Tax (VAT) remission qualifies as a business receipt under Section 80IC of the Income Tax Act, constituting business income eligible for deduction. The court referenced precedents emphasizing that subsidies enhancing profits are deductible, distinguishing VAT remission from sales tax rebates. The court affirmed the tribunal's decision, dismissing the appeal and ruling in favor of the assessee, allowing the VAT remission as a deduction. Case-Laws Income Tax Wed, 06 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424943