Relief to Jindal Saw, Income Tax not Applicable on Incentives Received as Excise Duty Refund, Sales Tax Remission, Sales/VAT Input Tax Refund: ITAT [Read Order]
Incentives were provided to the assessee in the form of excise duty refunds, sales tax remissions, and sales/VAT input tax refunds, which are considered capital receipts and are exempt from taxation
In a ruling in favour of Jindal Saw Ltd , the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that incentives received in the form of sales tax remission, excise duty refund, or sales/vat input tax refund are exempted from income tax. The assessee company is engaged in the business of producing…
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