Incentives from Rajasthan Investment Promotion Scheme 2010 is capital receipt

Jain Irrigation Systems Ltd Vs DCIT (ITAT Pune) ITAT Pune held that incentives receivable as per the Rajasthan Investment Promotion Scheme 2010 is capital receipt in nature and therefore not taxable. Facts- The assessee has challenged the correctness of the learned lower authorities action treating the incentives receivable as per the Rajasthan Investment Promotion Scheme 2010 as a revenue receipt. Conclusion- Held that in the case law PCIT Vs. Nitin Spinners Ltd. [2021] 130 taxmann.com 402 (SC) has already upheld honourable Rajasthan high court’s decision treating similar subsidy of sales t...