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2012 (11) TMI 104 - ITAT AMRITSARDeduction u/s 80 IB - Central Excise Duty refund & interest subsidy - Capital vs Revenue Receipts – Excise duty refund and Interest Subsidy - Following the decision of Court in case of [M/s. Shree Balaji Alloys vs. CIT 2011 (1) TMI 394 - JAMMU AND KASHMIR HIGH COURT] Held that:- Excise Duty refund and interest subsidy is to be treated as ‘Capital receipt’ and not liable to be taxed - Decided in favor of assessee. Disallowance u/s 36(1)(iii) of the Act – Held that:- Assessee has failed to establish before the Revenue Authorities as well as before us that the assessee has advanced the funds for any business purpose to sister concern - no interference is called for in the well reasoned order passed by first appellate authority - Decided against the assessee.
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