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| The Tax Publishers2020 TaxPub(DT) 1382 (Kol-Trib) INCOME TAX ACT, 1961
Section 263 Section 4
Excise refund and itnerest subsidy being capital receipt had rightly not included the same as revenue item in computation of book profits under section 115JB thouugh credited in the profit and loss account.
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Revision under section 263 - Erroneous and preudicial order - Invocation of jurisdiction on acount of non-inclusion of excise duty refund and interest subsidy cmputation of book profits under section 115JB -
Pr.CIT held assessment order as erroneous and prejudicial to the interest of revenue on the ground of AO not having included excise duty refund and interest subsidy in computation of book profits under section 115JB.Held: Excise refund and interest subsidy being capital receipt had rightly not included the same as revenue item in computation of book profits under section 115JB though credited in the profit and loss account.
Followed:(2016) 178 TTJ 658 (Kol) : (2016) 137 DTR 185 (Kol)(Trib) : 2016 TaxPub(DT) 1445 (Kol-Trib), Binani Industries Ltd. v. CIT, Indo Rama Syntehetics (I) Ltd. (2011) 330 ITR 336 (SC) : 2011 TaxPub(DT) 790 (SC), Apollo Tyres Ltd. (2002) 255 ITR 273 (SC) : 2002 TaxPub(DT) 1371 (SC) and Pr. CIT v. Ankit Metal & Power Ltd. ITA 155/2018, dated 9-7-2019 : 2019 TaxPub(DT) 5189 (Cal-HC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2013-14 & 2014-15
IN THE ITAT, KOLKATA BENCH
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