Tribunal held that subsidies received by assessee by way of refund of VAT and excise duty for setting up new industries in States of Assam and West Bengal for development of industries and generation of employment opportunities in these states could not be regarded as income for purpose of computing book profit even though same was credited in profit and loss account. (AY. 2007-08)
DCIT v. Century Plyboards (I) Ltd. (2021) 187 ITD 35 (SN) / 209 TTJ 273/ 203 DTR 229 (Kol.)(Trib.)
S. 115JB : Book profit-Subsidies-Refund of VAT and Excise duty-New Industry-Cannot be considered as income for purpose of book profit even though same was credited in profit and loss account.