Excise duty refund and interest subsidy under Industrial Policy (2002-2005) is capital receipt

ACIT Vs M/s Agro Life Science Corporation (ITAT Kolkata)

In the present case the amount of excise duty refund and interest subsidy was treated by the AO as revenue receipt subject to tax. The reason given by AO is that the impugned amount was given to assessee after the commencement of commercial Production.

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