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TMI Blog2016 (12) TMI 1854X X X X Extracts X X X X X X X X Extracts X X X X ..... receipt, was sought to be answered by the High Court by making a reference to two decisions of this Court in Sahney Steel Press Works Ltd. [ 1997 (9) TMI 3 - SUPREME COURT] and Commissioner of Income Tax, Madras v. Ponni Sugars and Chemicals Limited [ 2008 (9) TMI 14 - SUPREME COURT] - HELD THAT:- The view expressed by this Court that unless the grant-in-aid received by an Assessee is utilize ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Years in question cannot be held to be revenue receipts. We also find such a view in a recent pronouncement in Commissioner of Income Tax v. Handicrafts and Handlooms Export Corporation of India Ltd. [2014 49 Taxmann.com 488 Delhi (Delhi High Court) with which we are in respectful agreement. We allow the present appeals; set aside the order of the High Court and answer the liability of the Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ( Tribunal for short) has reversed the said finding, the High Court, by the orders under challenge, has restored the view taken by the Assessing Officer. Aggrieved the Assessee has filed the present appeals. 3. The question of law that was presented before the High Court, namely, whether subvention was capital or revenue receipt, was sought to be answered by the High Court by making a referenc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the voluntary payments made by the parent Company to its loss making Indian company can also be understood to be payments made in order to protect the capital investment of the Assessee Company. If that is so, we will have no hesitation to hold that the payments made to the Assessee Company by the parent Company for Assessment Years in question cannot be held to be revenue receipts. We also find ..... X X X X Extracts X X X X X X X X Extracts X X X X
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