When a receipt is not in the character of income it cannot form part of book profit U/s. 115JB

Pr. CIT Vs Ankit Metal & Power Ltd. (Calcutta High Court) Second issue which requires adjudication is as to whether the aforesaid incentive subsidies received by the assessee from the Government of West Bengal under the schemes in question are to be included for the purpose of computation of book profit under Section 115 JB of the Income Tax Act, 1961 as contended by the revenue by relying on the decision in the case of Appollo Tyres Ltd. Vs. CIT reported in 225 ITR 273 (SC). In this case since we have already held that in relevant assessment year 2010-11 the incentives ‘Interest subsidy...