Assessee was a firm engaged in the business of manufacturing and exporting knitted hosiery garments. It received income on the sale of Market Linked Focus Product Scheme (MLFPS) scrips. Assessing Officer treated said income as revenue receipts and added the same to the total income of the assessee. CIT(A) held that even after the amendment by the Finance Act,, 2015, with effect from 1-4-2016 to section (2(24)(xviii), the receipts from sale of MLEPS licence would be capital receipts and not taxable. On appeal by revenue, the Tribunal held that, in view of the order of the Chennai Bench of the Tribunal in ACIT v. Eastman Exports Global Clothing (P.) Ltd (2024) 167 taxmann.com 434 (Chennai) (Trib), the amount received on sale of MLFPS scrips was a capital receipt. (AY. 2018-19)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 4: Charge of income-tax-Capital or revenue-Subsidy-Income received on sale of Market Linked Focus Product Scheme (MLFPS) scrips was a capital receipt.[S. 2(24)(xviii) 28(i)]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-61035","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fSr","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/61035","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=61035"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/61035\/revisions"}],"predecessor-version":[{"id":61036,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/61035\/revisions\/61036"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=61035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=61035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=61035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}