2016 (12) TMI 507

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..... : Mr. Tarun Gulati, Adv. Mr. Rony O John, Adv. Mr. Neil Hildreth, Adv. Mr. Shashi Mathews, Adv. Mr. Kishore Kunal, Adv. Mr. anupam Mishra, Adv. Ms. Rachana Yadav, Adv. Mr. R. Chandrachud, Adv For the Respondent : Mr. Yashank Adhyaru, Sr. Adv. Ms. Sadhna Sandhu, Adv. Mrs. Anil Katiyar, Adv ORDER 1. Leave granted in all the Special Leave Petitions. 2. The Assessment Years in question are 1999-2 .....

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..... h Court by making a reference to two decisions of this Court in Sahney Steel & Press Works Ltd., Hyderabad versus Commissioner of Income Tax, A.P.-I, Hyderabad [(1997) 7 SCC 764 and Commissioner of Income Tax, Madras versus Ponni Sugars and Chemicals Limited [(2008) 9 SCC 337]. The view expressed by this Court that unless the grant-in-aid received by an Assessee is utilized for acquisition of an a .....

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..... held to be revenue receipts. We also find such a view in a recent pronouncement in Commissioner of Income Tax versus Handicrafts and Handlooms Export Corporation of India Ltd. [(2014) 49 Taxmann.com 488 (Delhi) (Delhi High Court) with which we are in respectful agreement. 4. For the aforesaid reasons, we allow the present appeals; set aside the order of the High Court and answer the liability of .....

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