Held that the object of the subsidy was to accelerate industrial development and generate of employment in the State, the incentive received in the form of value added tax exemption was capital in nature and also liable to be excluded from the computation of book profits..(AY.2014-15)
Sunrise Biscuit Co. Pvt. Ltd. v. ITO (2021) 92 ITR 599 / 214 TTJ 785/(2022) 213 DTR 265 /140 taxmann.com 6 (Gauhati)(Trib.)
S. 4 : Charge of income-tax-Subsidy-Exemption from value added tax for Newly set up manufacturing units or existing units for substantial expansion-Capital receipt-Liable to be excluded from computation of book profit. [S.115JB]