Receipt not in character of Income to not form part of book profit under Section 115JB

PCIT-4 Vs Krishi Rasayan Exports Pvt. Ltd (Calcutta High Court) Whether the interest subsidy and excise refund would be treated as capital receipt or revenue receipt for the purpose of computation of book profit under the provision of Section 115JB of the Income-Tax Act, 1961 ? Identical issue was also considered by this Court in the case of Principal Commissioner of Income-Tax vs. Ankit Metal And Power Ltd., (2019) 416 ITR 591 (Cal) wherein apart from considering the effect of the subsidy the Court also considered as to whether when a receipt is not in the character of income as defined unde...