Excise duty refund & interest subsidy given to create employment are capital receipts

Insecticides (India) Ltd. Vs DCIT (ITAT Delhi)

It was noticed by Assessing Officer that in revised return, Assessee has reduced an amount of Rs. 14,84,20,415/- out of total income under the head of business claiming to be ‘capital receipts’, which was actually shown as ‘revenue receipts’ in the original return of income.

The Assessee while relying upon the Excise Notifications No. 56/57 dated 14.11.2012 issued by the Central Excise Department and the judgments of the Hon’ble Supr

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