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TMI Blog2004 (9) TMI 317X X X X Extracts X X X X X X X X Extracts X X X X ..... tiala, is relating to deletion of the addition of Rs. 30 lakhs on account of capital subsidy received by the assessee treated to be as revenue receipt by the AO. The AO had relied upon the decision of the Supreme Court in the case of Sahney Steel & Press Works Ltd. & Ors. vs. CIT (1997) 142 CTR (SC) 261 : (1997) 228 ITR 253 (SC). The only reason for treating the subsidy as revenue receipt by the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the State of Haryana w.e.f. 1st April, 1992: 2. Agro-based industries using rice, dal, oil, barley or flour maize, ginned pressed cotton, cotton yarn as raw materials including non-molasses based alcohol and aerated/non-aerated drinks where minimum of 20 per cent juice content is used. 3. Integrated oil seed processing industry including solvent extraction units oil refineries. As per the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it is evident that the said subsidy has been granted for setting up the industry and to meet the cost of capital expenditure. We are, therefore, of the considered view that the decision of the Supreme Court in the case of CIT vs. P.J. Chemicals Ltd. (1994) 121 CTR (SC) 201 : (1994) 210 ITR 830 (SC) is applicable in this case and not the decision of the Supreme Court in the case of Sahney Steel & ..... X X X X Extracts X X X X X X X X Extracts X X X X
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