Excise Duty Refund Under Industrial Promotion Scheme: ITAT Declares It Capital Receipt, Not Taxable [Read Order]
The tribunal relied on its previous decisions for assessment years 2005-06 and 2006-07, where similar refunds were treated as capital receipts, concluding that the refund was intended for industrial development.
The Delhi Bench of Income Tax Appellate Tribunal(ITAT) ruled that the excise duty refund received under the industrial promotion scheme in Gujarat’s Kutch District was a capital receipt and not taxable. Jindal Saw Ltd,appellant-assessee,appealed against the order dated 16.08.2018 for the AY 2004-05 passed by Commissioner of Income Tax(Appeals)[CIT(A)] which upheld the Assessing Officer(AO)’s decision…
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