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TMI Blog2023 (6) TMI 881X X X X Extracts X X X X X X X X Extracts X X X X ..... e Complexes, incentives has been held to be capital in nature and not revenue receipts. Thus, CIT(A) has rightly held in favour of the assessee. - I.T.A. No. 2531/Ahd/2016 - - - Dated:- 16-6-2023 - Smt. Annapurna Gupta, Accountant Member And Ms. Madhumita Roy, Judicial Member For the Appellant : Shri S. N. Soparkar, Sr. Advocate And Ms. Urvashi Shodhan, A.R. For the Respondent : Shri Vijay Kumar Jaiswal, CIT.DR ORDER PER Ms. MADHUMITA ROY - JM: The instant appeal filed by the Revenue is directed against the order dated 29.07.2016 passed by the Ld. Commissioner of Income Tax (Appeals)- 1, Vadodara arising out of the order dated 25.03.2015 passed by the ACIT, Circle-1(1)(2), Baroda under section 143(3) of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ngwith detailed questionnaire was issued to the assessee on 10.10.2014. 7. The assessee company mainly engaged in the business of entertainment industry including operating multiplex entertainment complexes and related services including sale of food and beverages, advertisement by screen display, standees etc. giving parking facilities, receipt of charges from retail showrooms, restaurants etc. and also distribution of films and generation of power both captive use and sales to third parties, declared sales/turnover and other income at Rs. 424.77 Crores for the year under consideration. 8. According to the assessee, the entertainment tax subsidy is a capital receipt not eligible to tax. Before the Ld. AO, the assessee submitted that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... heaters, then irrespective of the fact that the multiplexes have been constructed out of own funds or borrowed funds, the receipt of subsidy would be on capital account. In the light of the aforesaid objects of the Scheme framed by the State Government, the decision of the Income Tax Appellate Tribunal that the amount of subsidy received by the assessee is on capital account cannot be faulted. Accordingly, both the appeals are dismissed with no order as to costs. 15. In this respect also looking to the salient features of the scheme noted above as also the decision of the Bombay High Court interpreting this very scheme in context of the same situation, we uphold the decision of the Tribunal in this respect. 9. The assessee, there ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It is submitted by Ld. Senior Counsel that the order passed in favour of the assessee by the Hon ble Gujarat High Court has been challenged before Hon ble Apex Court and the same was tagged along with the said matter of Chaphalkar Brothers Pune (supra), a copy of each of the said order passed by the Hon ble Bombay High Court, the relevant documents downloaded from the Official Server of the Hon ble Apex Court in support of such submission made by the Ld. Senior Counsel, the order passed by the Hon ble Gujarat High Court in its own case has been submitted before us by the appellant s Counsel. He, therefore, prays for the similar relief before us. We note that the Ld. DR has not been able to raise any objection to such contentions made by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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