Subsidy/Incentive received are Capital Receipts, should be excluded from Book Profit u/s 115JB: ITAT grants relief to Birla Corporation [Read Order]

Subsidy - Incentive - Capital Receipts - Book Profit - ITAT - Birla Corporation - taxscan

A Division Bench of the Income Tax Appellate Tribunal (ITAT), Kolkata Bench held that the Subsidy or incentive received are capital receipts, should be excluded from book profit under Section 115JB of the Income Tax Act, 1961. The assessee in the present appeal is Birla Corporation Limited. The Departmentā€™s appeal is against the decision of…

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