MEIS Export Incentives are Capital Receipts & Not Taxable Under Income Tax: ITAT Ahmedabad

Alembic Pharmaceuticals Limited Vs DCIT (ITAT Ahmedabad) The matter concerns cross appeals filed by both the assessee and the Revenue against orders dated 24-07-2024 passed by the Commissioner of Income Tax (Appeals) [CIT(A)] for Assessment Years 2018–19 and 2020–21. The appeals arise from assessment orders passed under Sections 143(3) read with 144B of the Income Tax Act, 1961. Since common issues were involved, both appeals were disposed of through a consolidated order. The assessee, a pharmaceutical manufacturing company, filed its return declaring income under normal provisions and boo...