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TMI Blog2017 (1) TMI 853X X X X Extracts X X X X X X X X Extracts X X X X ..... us the object/purposes of the subsidy was for the purposes of encouraging capital investments in the State of Bihar. Consequently the impugned order holds that subsidy would be on Capital account and could not be considered to be on Revenue account.In fact this issue about the object/purpose of the subsidy deciding its character as revenue or capital is no longer res integra in view of the decisio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y, 2014 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 2009-09. 2. This appeal raises the following questions of law for our consideration : (i) Whether on the facts and in the circumstance of the case and in law, the Tribunal is correct in holding that subsidy received as Excise Duty reimbursement is not a revenue receipt? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ered to be on Revenue account. (b) In fact this issue about the object/purpose of the subsidy deciding its character as revenue or capital is no longer res integra in view of the decision of the Supreme Court in CIT, Madras v/s. Ponni Sugars Chemicals Ltd. (2008) 9 SCC 337 and in Civil Appeal No.10666 of 2013 (CIT v/s. M/s. Shree Balaji Alloys) rendered on 19th April, 2016. Thus the test has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s held by the Apex Court in Apollo Tyres Ltd. v/s. CIT 255 ITR 273 that the Assessing Officer while computing the book profit under Section 115J of the Act has only a power to examine whether the books of account have been maintained in accordance with the provisions of the Companies Act and have been duly audited. The book profits as reflected in the duly audited account have to be accepted by th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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