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TMI Blog2015 (10) TMI 1878X X X X Extracts X X X X X X X X Extracts X X X X ..... herefore, in the interest of natural justice, this issue should go back to the file of the Assessing Officer to re-examine the facts of the case after perusing the scheme under which the subsidy was granted. Resultantly, the ground is restored back for denovo consideration by the Assessing Officer and, hence, this ground may be treated as allowed for statistical purposes only. - Decided in favour of assessee for statistical purposes. - ITA No. 396/Nag/2013 - - - Dated:- 20-7-2015 - Mukul K. Shrawat, JM, J. For the Appellant : None For the Respondent : Shri Narendra Kane ORDER This appeal filed by the assessee is emanating from the impugned order dated 28th August 2008, passed by the learned Commissioner (Appeals)-II, N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irst appellate authority, therefore, it was not fair and reasonable again to raise this ground before the Tribunal. Resultantly, ground no.1, is hereby dismissed. 4. Apropos ground no.2, the observation of the Assessing Officer was that the assessee had received subsidy of ₹ 4,58,320, from DIC, Government of Maharashtra. The Assessing Officer has also mentioned that the subsidy was shown as a liability in the Balance Sheet. The Assessing Officer has also mentioned a letter pertaining to the grant of subsidy by the DIC wherein it was mentioned that the subsidy was granted for a period of 15 years. However, the Assessing Officer has invoked the relevant provisions of the Act and re-calculated the depreciation in the following manner: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the learned CIT(A) has affirmed the action of the Assessing Officer, primarily on the ground that the in view of the insertion of Explanation-10 to section 43(1) of the Act, the subsidy granted for acquisition of fixed asset should be reduced from the cost of the asset. Hence, the action of the Assessing Officer was affirmed. 6. At the outset, it is worth to mention that, in the past, on the request of the learned Counsel for the assessee, this case was adjourned. However, on the date of hearing, an application has been moved to adjourn this case. Since the issue, as raised in the ground of appeal, is trifle in nature, therefore, it is decided to proceed ex-parte qua the assessee after hearing the learned Departmental Representative. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terms of clauses of re-payment of the subsidy granted. The first appellate authority has also not appreciated this fact although it was very much mentioned in the assessment order. Therefore, in the interest of natural justice, I am of the considered view that this issue should go back to the file of the Assessing Officer to re-examine the facts of the case after perusing the scheme under which the subsidy was granted. Resultantly, the ground is restored back for denovo consideration by the Assessing Officer and, hence, this ground may be treated as allowed for statistical purposes only. 9. In the result, assessee s appeal is partly allowed for statistical purposes. Order pronounced in the open Court on 20.8.2015. - - TaxTMI - TM ..... X X X X Extracts X X X X X X X X Extracts X X X X
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