Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (12) TMI 475 - HC - Income TaxApplication under Section 264 - treatment to sales tax subsidy - AO had added back the sales tax subsidy received by the Assessee as a revenue receipt thereby rejecting its plea that it had to be treated as a capital receipt - Held that:- The scheme under which the Petitioner received the said subsidy also formed the subject matter of appeal filed by Johnson Matthey India (P) Limited [2014 (8) TMI 800 - ITAT DELHI] referring to the decision of the Supreme Court in CIT v. Ponni Sugars and Chemicals Limited [2008 (9) TMI 14 - SUPREME COURT] held that the sales tax subsidy received by the Petitioner will be treated as a capital receipt and not be added to the income of the Petitioner. Thus he impugned order of the Pr CIT dismissing the Petitioner’s application under Section 264 is hereby set aside
|