Held that subsidy in form of excise duty exemption for setting up new industry in Sikkim is not liable to tax is to be excluded from computation of book profits. Reduction of foreign fluctuation translation reserve, inadvertently added while computing book Profits in return to be allowed. (AY.2009-10 to 2012-13, 2014-15)
IPCA Laboratories Ltd. v. Dy. CIT (2024)113 ITR 53 /230 TTJ 409 (Mum)(Trib)
S. 115JB : Company-Book profit-Subsidy in form of excise duty exemption for setting up new industry in Sikkim-Not liable to tax-Excluded from computation of book profits-Reduction of foreign fluctuation translation reserve, inadvertently added while computing book Profits in return to be allowed. [S. 4,115JB(6) Accounting Standard-11.]
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