https://www.taxtmi.com/caselaws?id=472626 Sales-tax remission granted under an industrial incentive scheme to induce establishment of a new undertaking in a backward area is characterised by the subsidy's object, not its form of disbursement. Where the objective is industrialisation and setting up of new units, the remission constitutes a capital receipt rather than taxable income under normal provisions. Because it lacks the character of income, the remission is also excluded from book-profit computation under section 115JB despite minimum alternate tax deeming provisions. This treatment excludes the incentive from taxable income under both normal and minimum alternate tax computations. en-us Thu, 16 Oct 2025 00:00:00 +0530 Sat, 17 Oct 2026 18:37:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472626 Sales-tax remission granted under an industrial incentive scheme to induce establishment of a new undertaking in a backward area is characterised by the subsidy's object, not its form of disbursement. Where the objective is industrialisation and setting up of new units, the remission constitutes a capital receipt rather than taxable income under normal provisions. Because it lacks the character of income, the remission is also excluded from book-profit computation under section 115JB despite minimum alternate tax deeming provisions. This treatment excludes the incentive from taxable income under both normal and minimum alternate tax computations. Case-Laws Income Tax Thu, 16 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472626