https://www.taxtmi.com/caselaws?id=429474 The Tribunal upheld the treatment of the sales tax subsidy as a capital receipt, rejecting the Revenue's argument that it should be classified as a revenue receipt. The Tribunal relied on legal precedents and factual analysis to support its decision. Additionally, the Tribunal directed the exclusion of the sales tax subsidy from profit calculations under section 115JB of the Income Tax Act, following a similar decision by the Hon'ble Bombay High Court. As a result, the appeal by the Revenue was dismissed, and the appeal by the assessee was allowed. en-us Thu, 29 Sep 2022 00:00:00 +0530 Sat, 29 Oct 2022 09:19:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429474 The Tribunal upheld the treatment of the sales tax subsidy as a capital receipt, rejecting the Revenue's argument that it should be classified as a revenue receipt. The Tribunal relied on legal precedents and factual analysis to support its decision. Additionally, the Tribunal directed the exclusion of the sales tax subsidy from profit calculations under section 115JB of the Income Tax Act, following a similar decision by the Hon'ble Bombay High Court. As a result, the appeal by the Revenue was dismissed, and the appeal by the assessee was allowed. Case-Laws Income Tax Thu, 29 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429474