S. 4 : Charge of income-tax-Capital or revenue-Excise duty exemption Purpose test formulated by Supreme Court Excise duty exemption granted for purpose of industrialisation and generation of employment in States-Excise duty exemption capital receipt-Book profit-Excise duty exemption availed being in nature of capital receipt and not chargeable to tax under normal provisions cannot be added in book profit. [S.115JB]
PCIT v. Greenply Industries Ltd (2025) 476 ITR 347 /304 Taxman 192 (Gauhati)(HC)