Sales tax subsidy is capital receipt and not part of book profit u/s 115JB

Ambuja Cement Limited Vs ACIT (ITAT Mumbai) ITAT Mumbai held that sales tax subsidy received by the assessee is capital receipt and does not come within definition of income under section 2(24) of the Income Tax Act, 1961 and when, a receipt is not a in the nature of income, it cannot form part of book profit u/s 115JB of the Income Tax Act, 1961. Facts- The Assessing Officer has raised the grievance that the CIT(A) has erred in allowing the exclusion of sales tax incentive and excise duty exemption while computing the Book profit under Section 115JB of the Income Tax Act, whereas the same are...