ITAT deletes Addition of sales tax incentive receipt in case of RIL

Reliance Industries Ltd. Vs ACIT (ITAT Mumbai) The issue under consideration is whether deletion of addition of sales tax incentive/ subsidy as capital in nature is justified in law? In the present case, the assessee in this case is engaged in the business of oil and gas exploration, refining of crude oil, manufacturing of and trading in petrochemicals, polyester, fiber intermediates, textiles, generation & distribution of power, operation of jetties and related infrastructure, retail marketing of petroleum products and investments. The assessee filed its original return of income declari...