2018 (12) TMI 1976 - HC - Income Tax

Nature of receipt - Refund of excise duty claimed from DGFT - Business receipt or capital gain - whether is not income under Section 5 read with Section 28(iii)(b) in the hands of Assessee Company as held by ITAT? - HELD THAT - The issue raised in the present appeal by Revenue which relates to assessment year 2011-12 is covered against them by decision of MAITHON POWER LTD. 2015 (7) TMI 784 - DELHI HIGH COURT as held refund or drawback would go to ultimately reduce the cost of the project and had therefore to be treated as a capital receipt. This being the accepted and admitted position no substantial question of law arises for consideration before this Court.

Summary

The Delhi High Court dismissed the appeal by Revenue for the assessment year 2011-12 as it was covered by a previous decision in the assessee's favor for the assessment year 2009-10. No substantial question of law arose, and the appeal was dismissed without costs.