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Vide (2021] 92 ITR (Trib) 599 (ITAT[Gau]) a capital subsidy is also held to be exempt from mat.
In this case the assessee received VAT remission under the Industrial Promotion Policy of the State of Assam for carrying out substantial expansion which sum is held not includible in the computation of “book profits” under section 115JB of the Income-tax Act, 1961 being a capital receipt.

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