Held that subsidy on account of sales tax incentive was granted to encourage investment in backward areas of State of Maharashtra is capital receipt. Excise Duty incentive was granted with object of creating avenues for perpetual employment, to eradicate social problem of unemployment in State by accelerated industrial development, is a capital receipt. (AY. 2010-11)
Everest Industries Ltd. v. DCIT (2022) 196 ITD 563 (Mum.)(Trib.)
S. 4 : Charge of income-tax-Subsidy-Capital or revenue-Sales tax incentive-Investment in backward area-Excise Duty incentive-Capital receipt. [S. 28(i)]