Subsidy received in form of VAT reimbursement from State Governments towards Industrialization shall be termed Capital Receipt: ITAT grants relief to Britannia Industries [Read Order]

By Sunayana Dhal - On November 24, 2023 10:00 pm - 2 mins read
Britannia Industries - Capital Receipt - income tax - Industrialization - taxscan

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) while granting relief to Britannia Industries held that the subsidy received in the form of Value Added Tax (VAT) reimbursement from the state governments towards the industrialization of the state shall be termed as capital receipt. The assessee is a public limited company and is…

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