https://www.taxtmi.com/caselaws?id=773790 ITAT Mumbai ruled in favor of the assessee on multiple grounds. The tribunal held that subsidies/incentives received under Uttar Pradesh's New Sugar Promotion Policy, 2004 constitute capital receipts and are not taxable. Regarding non-reconciliation of ITS details, the AO was directed to verify transactions and delete additions if they don't relate to the assessee. The tribunal confirmed that capital receipts should be reduced while computing book profit under section 115JB. The assessee's suo motu disallowance under section 14A was upheld as the AO failed to establish incorrectness. Sale proceeds from Brazilian subsidiary shares were treated as capital receipts, not income from other sources. en-us Tue, 17 Dec 2024 00:00:00 +0530 Sat, 28 Jun 2025 08:31:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773790 ITAT Mumbai ruled in favor of the assessee on multiple grounds. The tribunal held that subsidies/incentives received under Uttar Pradesh's New Sugar Promotion Policy, 2004 constitute capital receipts and are not taxable. Regarding non-reconciliation of ITS details, the AO was directed to verify transactions and delete additions if they don't relate to the assessee. The tribunal confirmed that capital receipts should be reduced while computing book profit under section 115JB. The assessee's suo motu disallowance under section 14A was upheld as the AO failed to establish incorrectness. Sale proceeds from Brazilian subsidiary shares were treated as capital receipts, not income from other sources. Case-Laws Income Tax Tue, 17 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773790