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2002 (9) TMI 66 - HC - Income Tax"1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that depreciation on guest house should not be disallowed under section 37(4) of the Act? - 2. Whether on the facts and in the circumstances of the case, the Tribunal was right in-law in holding that the incentives given by the Government in the form of higher free sale quota of sugar towards excise duty and purchase tax should be treated as capital receipt and hence no tax was exigible thereon?" - Our answer to the second question, therefore, in so far as the incentive given by the Central Government in the form of higher free sale quota of sugar and the excise duty are concerned is in favour of the assessee. In so far as the subsidy linked to the purchase tax extended by the State Government is concerned the answer is in favour of the Revenue and against the assessee. - The first question is answered against the assessee and in favour of the Revenue.
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