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2019 (9) TMI 1668 - HC - Income TaxNature of receipt - sales tax incentives received - allowability of capital receipt - whether incentive was received after commencement of production, not utilised for acquisition of plant and machinery? - additional depreciation i.e. 50% is allowable in subsequent assessment year - HELD THAT:- Appeal admitted on the substantial questions of law: 1. Whether on the facts and in the circumstances of the case the learned Income Tax Appellate Tribunal, “A” Bench, Kolkata erred in law in holding that sales tax incentives of Rs. 12.38 lakhs received during the period was capital in nature without considering the fact that the incentive was received after commencement of production, not utilised for acquisition of plant and machinery? 2. Whether on the facts and in the circumstances of the case the learned Income Tax Appellate Tribunal, “A” Bench, Kolkata erred in law in holding that balance additional depreciation i.e. 50% is allowable in subsequent assessment year? As the respondent is represented by learned counsel, issuance and service of notice of appeal are dispensed with Let informal paper books be filed by learned advocate-on-record for the appellant by 22nd November 2019 2019, serving a copy thereof upon the advocate-onrecord for the respondent at least seven days before the date of hearing of the appeal. List the appeal for hearing on 4th December 2019.
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