TMI Blog2004 (11) TMI 581X X X X Extracts X X X X X X X X Extracts X X X X ..... e-tax Act at the instance of Revenue (Commissioner of Income-tax) by the Tribunal in R.A. No. 24/Ind./98 arising out of an order dated 21-11-1997, passed in I.T.A. No. 121/Ind./94 (Annexure-C) to answer the following question of law by this Court: Whether on the facts and in the circumstances of the case, the Tribunal was justified in deciding the issue in favour of the assessee as the issue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re or Revenue expenditure in their hands. As usual, if the contention of assessee was that it is in the nature of capital expenditure, whereas the contention of Revenue was it is in the nature of Revenue expenditure. The Assessing Officer and CIT (Appeals) held against an assessee. In their opinion, it was in the nature of Revenue expenditure and hence, has to be taxed treating it to be in the nat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in our considered opinion the question referred to us no more remains res integra and stands answered by the decision of the Supreme Court in the case of Sahney Steel Press Works Ltd. v. CIT [1997] 228 ITR 2531 it is in this case their Lordships examined the question as to which kind of subsidy received by an assessee can be regarded as capital receipt or revenue receipt. Their Lordships in thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in question, this Court, cannot hold that it is a revenue receipt. We do not agree. True it is that Tribunal did not discuss the issue in detail before coming to the conclusion and simply placed reliance on the earlier decision of Tribunal, yet in our opinion, perusal of order of Assessing Officer and CIT (Appeals) does indicate the nature of subsidy received by an assessee. Since the subsidy in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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