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TMI Blog2022 (5) TMI 120X X X X Extracts X X X X X X X X Extracts X X X X ..... he amount raised by way of subsidy is capital or revenue in nature, we see no reason to interfere with the impugned judgment and order passed by the High Court. Validity of revision u/s 263 - as observed by the High Court, the A.O. accepted the case on behalf of the assessee that the amounts received was capital in nature without any discussion and also noted that the order passed by the A.O. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and on merits without, in any way, influenced by any of the observations made by the CIT passed in exercise of powers under Section 263 of the IT Act and the observations made by the CIT shall be treated only for the purpose of exercise of powers under Section 263 only. The A.O. to pass appropriate order in accordance with law and on its own merits independently. - Petition(s) for Special Leave ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ysis as to whether the amount raised by way of subsidy is capital or revenue in nature, we see no reason to interfere with the impugned judgment and order passed by the High Court. Now so far as the submission on behalf of the petitioner that the Commissioner ought not to have exercised the powers under Section 263 of the I.T. Act and ought not to have interfered with the assessment order pas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is specifically observed by the High Court in the impugned order that the A.O. will pass a fresh order based upon his independent analysis as to whether the amount received by way of subsidy was capital or Revenue in nature, we direct accordingly. The A.O. to pass a fresh order in accordance with law and on merits without, in any way, influenced by any of the observations made by the CIT pass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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