9911796707
TMI Blog2013 (12) TMI 555X X X X Extracts X X X X X X X X Extracts X X X X ..... wing CIT Vs. Ponni Sugars & Chemicals Ltd [2008 (9) TMI 14 - SUPREME COURT] - The incentive had to be utilized for repayment of loan taken by the assessee to set up new units or for substantial expansion of the existing unit. The subsidy received by the assessee was not in the course of a trade but was of capital nature - Decided against Revenue. X X X X Extracts X X X X X X X X Extracts X X X X ..... perusal of record, it appears that the grievance of the department is that production of incentive bonus and incentive amount received by the assessee is of capital in nature and liable to be taxed. Fair enough, learned counsel admits at bar that the proposed substantial question of law are covered by the order dated 27.11.2013 passed by this Hon'ble Court in Income Tax Appeal No.350 of 2005 (CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the CIT (A) in deleting the addition of Rs.2,90,69,287/- made by the AO on account of incentive received by the assessee? (3) Whether on the facts and in the circumstances of the case the Tribunal is justified in holding that the incentive amounting to Rs.2,90,69,287/- received by the assessee is of capital nature and is not liable to tax as revenue receipt." The questions of law raised as a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
