https://www.taxtmi.com/caselaws?id=784426 The dominant issue was whether incentives received under the State "Mega Projects" scheme were capital receipts. The Tribunal held the benefits (electricity duty and stamp duty exemptions and industrial promotion subsidy linked to VAT/CST payable) were not directly or indirectly relatable to acquisition of fixed assets; hence Explanation 10 to s.43(1) did not apply and the receipt was taxable as income under s.2(24)(xviii), deciding against the assessee. On employees' PF/ESIC contributions deposited beyond the statutory due dates, the Tribunal upheld taxability under s.2(24)(x) and disallowance under s.36(1)(va), but remanded the assessee's "advance deposit" plea for verification. The duty drawback understatement addition was restored to the AO for reconciliation. CPC's s.143(1)(a)(ii) adjustment treating the subsidy as income was upheld due to an apparent mismatch in the return, and the CIT(A) was reversed. en-us Mon, 22 Dec 2025 00:00:00 +0530 Sat, 03 Jan 2026 12:26:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784426 The dominant issue was whether incentives received under the State "Mega Projects" scheme were capital receipts. The Tribunal held the benefits (electricity duty and stamp duty exemptions and industrial promotion subsidy linked to VAT/CST payable) were not directly or indirectly relatable to acquisition of fixed assets; hence Explanation 10 to s.43(1) did not apply and the receipt was taxable as income under s.2(24)(xviii), deciding against the assessee. On employees' PF/ESIC contributions deposited beyond the statutory due dates, the Tribunal upheld taxability under s.2(24)(x) and disallowance under s.36(1)(va), but remanded the assessee's "advance deposit" plea for verification. The duty drawback understatement addition was restored to the AO for reconciliation. CPC's s.143(1)(a)(ii) adjustment treating the subsidy as income was upheld due to an apparent mismatch in the return, and the CIT(A) was reversed. Case-Laws Income Tax Mon, 22 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784426