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2017 (11) TMI 1853 - AT - Income TaxIncentive given by the Government for exploring new market for exports - revenue receipts or capital receipts - HELD THAT:- This Tribunal in the assessee's own case for assessment years [2016 (7) TMI 951 - ITAT CHENNAI] examined this issue and found that the incentive received by the assessee is a capital receipt and it cannot be treated as income under Section 2(24) or 28 of the Act. Since the facts are similar and identical to that of assessment years 2011-12 and 2012-13, the CIT(Appeals) has rightly placed reliance on the order of this Tribunal. This Tribunal do not find any reason to interfere with the order of the lower authority and accordingly the same is confirmed. Amount spent on construction of building in the lease hold land - HELD THAT:- Since this Tribunal remitted back the matter to the file of the Assessing Officer to decide the issue afresh for assessment year 2011-12, it would be more appropriate for the Assessing Officer to examine the matter and find out whether the cost of construction of the building on the leasehold land is revenue expenditure or capital expenditure. AO shall bring on record whether the assessee saved any rent in future. Accordingly, the matter needs to be re-examined by the Assessing Officer. Hence, the orders of both the authorities below are set aside and the issue of disallowance of cost of construction of the building and the cost of electrical fittings is remitted back to the file of the Assessing Officer who shall re-examine the matter in the light of judgment of Apex Court in Madras Auto Service (P.) Ltd. [1998 (8) TMI 1 - SUPREME COURT] and TVS Lean Logistics Ltd. [2007 (6) TMI 44 - HIGH COURT, MADRAS]
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