Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (2) TMI 197 - ITAT MUMBAICharacterization of receipt - Claim of sales tax incentive - revenue or capital receipt - CIT(A) in deleting an amount which was claimed by the assessee as capital receipt but held the Assessing Officer as revenue receipt - HELD THAT:- CIT(A) after comparing the Maharashtra Incentive Scheme, 1979 with Maharashtra Incentive Scheme, 1993, followed the decision of the Tribunal for AY 2003-04 [2009 (12) TMI 945 - ITAT MUMBAI] and his predecessor and held that the sale tax incentive received by the assessee under the "new package scheme 1993" is capital in nature. Since, the Tribunal (supra) has allowed the sales tax incentive received under the same scheme under which the assessee has received sales tax incentive in the year under consideration and therefore, issue-in-dispute being squarely covered by the order of the Tribunal (supra), the grounds raised by the Revenue are dismissed. Revision u/s 263 - Revenue seeks to agitate the dismissal of assessment order u/s. 143 consequent to order u/s. 263, of the Act as the order u/s. 263 has been quashed by the ITAT - HELD THAT:- In our opinion, the foundation u/s. 143(3) r.w.s. 263 was order u/s. 263 of the Act, which has already been demolished, then the consequent order passed cannot survive. No infirmity in the finding of the Ld. CIT(A) on the issue-in-dispute. Accordingly, the grounds raised by the Revenue are dismissed.
|