2009 (7) TMI 737

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... on 260A of the Income-tax Act, 1961 (hereinafter referred to as "the "Act"), the Revenue submits that the order of the Income-tax Appellate Tribunal dated June 28, 2004 involves the following substantial question of law : "Whether on the facts and in the circumstances of the case, the Tribunal was legally justified in deleting the addition on account of addition of incentive realized on additiona .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e Commissioner of Income-tax (Appeals), Lucknow, the plea had been accepted. 4. The Revenue filed an appeal before the Tribunal and the Tribunal had dismissed the appeal. following its earlier order passed in the case of the other assessee, which are also engaged in manufacture of sugar wherein a similar scheme was under consideration. 5. We have heard Sri A. N. Mahajan, learned standing counsel .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... has held that the main eligibility condition for the scheme was that the incentive had to be utilised for the repayment of loans taken by the assessee to set up a new unit or substantial expansion of a existing unit and the subsidy receipt by the assessee was not in the course of a trade and was of a capital nature. 8. Respectfully following the decision of the apex court referred to above, we ar .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X