https://www.taxtmi.com/caselaws?id=433682 Sales tax incentive linked to industrial development and fixed capital investment was treated as a capital receipt and therefore not taxable as revenue receipt. Following the Tribunal's earlier order in the assessee's own case and the Special Bench view on similar incentive schemes, the Revenue's challenge failed. Where a revisional order under section 263 forms the foundation of a consequential assessment, the assessment cannot survive once that revisional order is quashed, and it is void ab initio. Both Revenue appeals were dismissed. en-us Fri, 20 Jan 2023 00:00:00 +0530 Mon, 06 Feb 2023 16:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433682 Sales tax incentive linked to industrial development and fixed capital investment was treated as a capital receipt and therefore not taxable as revenue receipt. Following the Tribunal's earlier order in the assessee's own case and the Special Bench view on similar incentive schemes, the Revenue's challenge failed. Where a revisional order under section 263 forms the foundation of a consequential assessment, the assessment cannot survive once that revisional order is quashed, and it is void ab initio. Both Revenue appeals were dismissed. Case-Laws Income Tax Fri, 20 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433682