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TMI Blog2013 (12) TMI 536X X X X Extracts X X X X X X X X Extracts X X X X ..... t] - The Excise Duty refund & Interest Subsidy are to be treated as 'capital receipts' and are not liable to be taxed – Decided against Revenue. X X X X Extracts X X X X X X X X Extracts X X X X ..... ipt only because the policy under which the same was paid envisaged tackling the unemployment in the State which cannot be said to be a good test for deciding whether a receipt is a trading receipt or a capital receipt. 2. Whether on the facts and circumstances of the case the Ld. CIT(A), Amritsar was right in not appreciating the judgments of Hon'ble Supreme Court of India in the case of Ponni S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Hon'ble Supreme Court. In the case of assessee, the money received by the assessee on account of refund of Central Excise was not supposed to be spent in a particular manner for purpose of substantial expansion of the industry. 5. The appellant craves leave to amend or add any one or more grounds of appeal." 2. At the time of both the Ld. DR and Ld. counsel for the assessee fairly conceded that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ided in favour of the assessee by the decision of the Hon'ble Jurisdictional High Court of Jammu & Kashmir in the case of Shree Balaji Alloys v. CIT and Another, reported in (2011) 333 ITR 335 (J&K) by holding that the Excise Duty refund & Interest Subsidy are to be treated as 'capital receipts' and are not liable to be taxed. 2.1. The Ld. first appellate authority has also decided both the issue ..... X X X X Extracts X X X X X X X X Extracts X X X X
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