2017 (8) TMI 1681 - HC - Income Tax

Nature of income - Revenue v/s capital field - Appeal admitted on following substantial question of law- Whether on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the benefit received by the appellant by way of sales tax waiver was in the revenue field and not in the capital field, and therefore, the appellant was not entitled to reduction of such benefit from the total profits of the year?

Summary

The Gujarat High Court admitted a Tax Appeal to consider the substantial question of law regarding the classification of a sales tax waiver benefit as revenue or capital field. The appeal will be heard alongside Tax Appeal No.1892 of 2010.