Case of PCIT vs Jindal Saw Ltd, HC Delhi Judgement Dated 12th February 2026. HC held that an excise duty refund of Rs 59.68 crore received under an incentive scheme, linked to capital investment in the Kutch district, is a capital receipt and not taxable. It rejected the Revenue’s argument to reduce the subsidy from the block of assets for depreciation, as the subsidy was not directly tied to the cost of specific assets.