Sales tax & excise duty subsidy is capital receipts & not taxable

Advertisement ACIT Vs Genus Electrotech Limited (ITAT Delhi) Held that sales tax incentive subsidy and excise duty incentive are in the nature of capital receipts and thus not chargeable to tax as regular income as well as income u/s 115JB for computation of book profit. Facts- In the order u/s 154, AO noted that assessee had shown net profit of Rs.10,71,44,263/- but had not shown any tax liability u/s 115JB of the Act and no tax was received under MAT. AO further noted that assessee had adjusted against profit, Debt Redemption Reserve of Rs.4,50,00,000/-. The income was assessed u/s 143(3...