2015 (7) TMI 1349

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..... acts and circumstances we have taken a view in a group of cases of M/s Narendra Vegetable Products Pvt. Ltd. [ 2015 (7) TMI 1298 - ITAT NAGPUR] as held scheme of the State Government, the assessee is entitled for the exemption of the sales-tax incentive being a capital receipt in the hands of the assessee and that the claim being lawful in nature ought to have been entertained by the Assessing Of .....

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..... der. 2. For the sake of convenience we have taken up assessment year 2003-04, the year, for reference and the grounds are reproduced below : 1. The learned CIT(A) erred in holding that Sales Tax incentive availed for setting up of industrial undertaking claimed by assessee as capital receipt at ₹ 33,74,087/- cannot be allowed in assessment framed u/s 143(3) r.w..s. 153A of I.T. Act, 19 .....

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..... 3-04 to 2009-10 vide order even dated 31 st July, 2015. Following the reasons assigned in the said order, we hereby decide ground Nos. 1,2 and 3 in favour of the assessee. Ground No. 4 is consequential in nature pertaining to charge of interest needs no adjudication presently. Resultantly, all the appeals are allowed. 4. In the result, the appeals filed by the assessee are allowed. Order pr .....

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