9911796707
TMI Blog2005 (1) TMI 87X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Income-tax Act, 1961 by the Tribunal (the ITAT) in R. A. No. 11/Ind./98, dated April 3O, 1998, which arises out of an order dated October 17, 1997, passed by the Tribunal in I.T.A. No. 1164/Ind./93 to answer the following question of law said to arise out of the aforementioned order: "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as an incentive for establishing industry in backward area. It was thus a capital investment and not supplements the profit of the assessee. It was a receipt of capital nature and, therefore, not liable to tax. 3. We have carefully perused the order of the hon'ble Madhya Pradesh High Court and the findings of the Commissioner of Income-tax (Appeals) and after its careful perusal we are of the v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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 payment, its reimbursement, benefit conferred upon the assessee. It is these factors which determine the character of the amount received which in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nue it is necessary to examine the scheme of subsidy. 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 referred to it and nor mentioned in the statement of case. It was not even ..... X X X X Extracts X X X X X X X X Extracts X X X X
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