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2016 (2) TMI 990 - DELHI HIGH COURTSIC company - Grant of a concession or relief in terms of the Scheme presented before the BIFR - relief relating to capital gains tax under Section 45 on sale of assets disallowed on the basis of projected figures and not on the basis of actual figures - whether the difference between the actuals and the projected figures should be absorbed by the Petitioner? Held that:- Referring to the order passed by AAIFR it requires the Income Tax Department to accept or reject the plea for grant of a concession or relief in terms of the Scheme presented before the BIFR. The AAIFR observed that the Department should have only considered the proposed concession and taken its own decision. That order does not by any means suggest that when there are actual figures available at the time of the decision to be taken by the Department, reliance can be placed on the projections of the Petitioner which were submitted at the time of submission of the scheme before the BIFR. In any event, it does not support the plea of the Revenue that the difference between the actuals and the projected figures should be absorbed by the Petitioner. Consequently, while setting aside the order dated 29th November 2012 passed by the DIT Recovery, the Court requires the DIT (Recovery) to once again consider the proposed scheme and the question of entitlement of the Petitioner to concession as sought for by the Petitioner. A fresh decision based on the actual figures submitted by the Petitioner will be taken.
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