https://www.taxtmi.com/caselaws?id=463092 The Calcutta HC held that sales tax incentives received under the West Bengal IPS 2010 scheme constitute capital receipts, not revenue receipts. Relying on precedent from the Jammu and Kashmir HC and its own prior ruling, the court found that subsidies aimed at industrialization and employment generation are capital in nature, regardless of their form or timing post-production commencement. The court also ruled that such receipts, not being income under Section 2(24) of the Act, should not be included in book profits under Section 115JB. The decision was against the revenue. en-us Mon, 19 Feb 2024 00:00:00 +0530 Tue, 05 Aug 2025 20:49:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463092 The Calcutta HC held that sales tax incentives received under the West Bengal IPS 2010 scheme constitute capital receipts, not revenue receipts. Relying on precedent from the Jammu and Kashmir HC and its own prior ruling, the court found that subsidies aimed at industrialization and employment generation are capital in nature, regardless of their form or timing post-production commencement. The court also ruled that such receipts, not being income under Section 2(24) of the Act, should not be included in book profits under Section 115JB. The decision was against the revenue. Case-Laws Income Tax Mon, 19 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463092