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Excise duty refunds and interest subsidies for new and expanding industrial units in J & K are non-taxable capital receipts.

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....Addition on account on account of interest subsidy and excise refund - incentives to new industrial units and substantial expansion of the existing units - J & K - incentives received by way of excise duty refund and interest subsidy are capital receipts in the hands of the assessee and therefore not chargeable to tax. - AT....

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Excise duty refunds and interest subsidies for new and expanding industrial units in J & K are non-taxable capital receipts.