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TMI Blog2013 (5) TMI 103X X X X Extracts X X X X X X X X Extracts X X X X ..... r phasing out the use of CTC as required under the multilateral fund of the Montreal Protocol, therefore, the provisions of the second proviso to section 28(va) have been fulfilled and therefore the assessee is entitled to the benefit. - Decided in favor of assessee. Decision in ACIT Versus Tarak Chemicals (P) Ltd. [2012 (6) TMI 659 - ITAT, Mumbai] followed. - ITA No. 721/Mum/2012 - - - Dated: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from Multilateral Fund under the Montreal Protocol for phasing out the production of Chlorinated Rubber and supply of Carbon Tetra Chloride to non feed stock sector. The assessee considered the said amount as capital receipt and accordingly credited to the capital reserve. The Assessing Officer has treated the said receipt as revenue receipt and accordingly added to the total income of the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2.2011 in para 6 as under: "6. After hearing both the sides we do not find any infirmity in the order of the ld. CIT(A). The second proviso to section 28(va) reads as under:- ""Sec. 28. The following income shall be chargeable to income-tax under the head "profits and gains of business or profession" (va) any sum, whether received or receivable, in cash or kind, under an agreement for - .. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(A) admitted the additional evidence without affording any opportunity to the A.O. since no such ground has also been raised by the Revenue. It is the settled proposition of law that the powers of the CIT(A) are co-terminus with that of the powers of the A.O. Since the ld. CIT(A) has considered the various details furnished by the assessee before him and satisfied himself that the compensation ..... X X X X Extracts X X X X X X X X Extracts X X X X
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