https://www.taxtmi.com/caselaws?id=459693 The HC of Calcutta ruled that the transport subsidy received by a manufacturing entity does not qualify as "business income" under Section 80 IC of the Income Tax Act, 1961. The Court dismissed the revenue's appeal, affirming the assessee's position by referencing previous judgments and legal principles. It concluded that subsidies like Central excise duty refunds are mechanisms to facilitate exemptions and support industrial activities, not income. The decision aligned with prior rulings, including those from the SC and the HC of Jammu & Kashmir, reinforcing that such incentives are not revenue receipts. en-us Mon, 27 Feb 2023 00:00:00 +0530 Mon, 23 Dec 2024 20:05:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459693 The HC of Calcutta ruled that the transport subsidy received by a manufacturing entity does not qualify as "business income" under Section 80 IC of the Income Tax Act, 1961. The Court dismissed the revenue's appeal, affirming the assessee's position by referencing previous judgments and legal principles. It concluded that subsidies like Central excise duty refunds are mechanisms to facilitate exemptions and support industrial activities, not income. The decision aligned with prior rulings, including those from the SC and the HC of Jammu & Kashmir, reinforcing that such incentives are not revenue receipts. Case-Laws Income Tax Mon, 27 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459693