Sales Tax Subsidy will be treated as a non-taxable capital receipt

Sunbeam Auto Private Limited Vs Pr. CIT (Delhi High Court) 1. These four writ petitions are by Sunbeam Auto Private Limited seeking inter alia the quashing of an order dated 30th March 2015 passed by the Principal Commissioner of Income Tax-8 (Pr CIT) under Section 264 of the Income Tax Act, 1961 (‘Act’), dismissing the Petitioner’s application under Section 264 of the Act for the Assessment Years (‘AYs’) 2007-08 to 2010­11 whereby the Assessee sought revision of the assessment orders passed by the Assessing Officer (AO) for the aforementioned AYs under Section 143 (3) on the issue ...