9911796707
TMI Blog2005 (1) TMI 10X X X X Extracts X X X X X X X X Extracts X X X X ..... ted:- 18-1-2005 - A. M. SAPRE and ASHOK KUMAR TIWARI JJ. JUDGMENT The judgment of the court was delivered by A. M. SAPRE J.— This is an income-tax reference made at the instance of the Revenue under section 256(1) of the Income-tax Act, 1961, by the Tribunal (ITAT) in R.A. No. 139/Ind./97, dated February 9, 1998, which arises out of an order dated October 17, 1997, passed by the Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l receipt. The revenue authorities rejected the assessee's claim and brought it to tax. Aggrieved thereby, the assessee is before us. Paragraph 3— We have heard the arguments advanced by the par ties. The parties have admitted that the issue is covered by the decision of the Tribunal in favour of the assessee in the case of Kashyap Sweeteners Pvt. Ltd. v. Deputy CIT (Asstt.) in I. T. A. N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar subsidy given to the assessee is capital or revenue, the same cannot be decided by its nomenclature but it requires an analytical examination of the entire scheme. Before one is able to come to its conclusion, it is necessary to find out as to what is the object of the scheme, its nature, manner, mode of payments its reimbursement, benefit conferred upon the assessee. It is these factors which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is the true nature of the amount for holding it to be capital or revenue it is necessary to examine the scheme of subsidy. 7. When we peruse the order of the Tribunal and the statement of case drawn to this court for answering the question, we regretfully note that the Tribunal neither discussed the scheme of power subsidy applicable to the case of the assessee, nor gave any finding, nor even ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
