ECONOMIC EXPLOSIVES LIMITED,NAGPUR vs. NATIONAL E ASSESSMENT CENTRE, NEW DELHI

In the result, appeal for the assessment year 2018–19 filed by the assessee is partly allowed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

35), while dealing with the question as to whether the capital subsidies can be excluded from the computation of the book profit and following the decision of the Supreme Court in Indo Rama Synthetics (India) Ltd. (supra) held as under: “As held in the preceding paras, the subsidies received by the assessee were capital in nature and therefore not liable

ECONOMIC EXPLOSIVES LIMITED,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 1 (2), NAGPUR