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Industrial Incentives for Kutch and TUF Subsidy Not Taxable: ITAT Clarifies Capital Nature
Case Law Details
- Case Name
- DCIT Vs Welspun Living Limited (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Mumbai
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DCIT Vs Welspun Living Limited (ITAT Mumbai)
ITAT Mumbai: Sales-Tax & TUF Subsidies Held Capital in Nature – 14A Disallowance Restricted to Investments Yielding Exempt Income
Tribunal dismissed Revenue’s appeals for both years, upholding CIT(A)’s findings on three key issues — sales-tax incentive, TUF subsidy, & section 14A disallowance.
Sales-Tax Incentive – Capital Receipt:
Welspun had set up an industrial unit at Anjar, Kutch post the 2001 earthquake & received excise & VAT incentives under the Kutch Rehabilitation Scheme. AO taxed ₹93.37 cr as revenue receipt,...
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