GST and excise duty refund under an industrial policy treated as capital receipt, not taxable, on merits.

GST and excise duty refund under an industrial policy treated as capital receipt, not taxable, on merits. https://www.taxtmi.com/highlights?id=99918 A subsidy received under the Jammu & Kashmir New Industrial Policy by way of GST/excise duty refund was treated as a capital receipt not chargeable to tax. The Tribunal noted that a claim raised only through a revised computation, and not in the return or a revised return, was not entertainable by the Assessing Officer. On merits, it examined the Industrial Policy dated 14.06.2002 and Notification No. 56/2002, applied the reasoning in Gravita Metal Inc., and found the refund incentive to be an exemption for a specified period rather than a revenue receipt. The appeal was allowed. en-us Tue, 19 May 2026 08:18:20 +0530 Tue, 19 May 2026 08:18:22 +0530 TaxTMI RSS Generator GST and excise duty refund under an industrial policy treated as capital receipt, not taxable, on merits. https://www.taxtmi.com/highlights?id=99918 A subsidy received under the Jammu & Kashmir New Industrial Policy by way of GST/excise duty refund was treated as a capital receipt not chargeable to tax. The Tribunal noted that a claim raised only through a revised computation, and not in the return or a revised return, was not entertainable by the Assessing Officer. On merits, it examined the Industrial Policy dated 14.06.2002 and Notification No. 56/2002, applied the reasoning in Gravita Metal Inc., and found the refund incentive to be an exemption for a specified period rather than a revenue receipt. The appeal was allowed. Highlights Income Tax Tue, 19 May 2026 08:18:20 +0530 https://www.taxtmi.com/highlights?id=99918