Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (12) TMI 1204 - AT - Income TaxNature of receipt - subsidy received - revenue or capital receipt - Held that:- As decided in assessee own case relying on decision in the case of M/s. John Deere Equipments Pvt. Ltd. Vs. Dy. Commissioner of Income Tax [2015 (3) TMI 1336 - ITAT PUNE] held that the subsidy received by the assessee was capital in nature. During the year under consideration out of the balance due of ₹ 2.36 crores, the assessee has received ₹ 1.26 crores during the year under consideration and in view of the decision of Tribunal in assessee’s own case in hand in the earlier year the said subsidy is to be treated as capital receipt in the hands of the assessee. Though, the assessee is in the original return of income had included the same in its hand, but the same is to be excluded being not taxable. Accordingly, we uphold the order of Commissioner of Income Tax (Appeals) and dismiss the grounds of appeal No. 1 to 4 raised by the Revenue. Deduction on account of belated payments of employee’s contribution to PF and ESIC - Held that:- As relying on M/s. Hindustan Organics Chemicals Ltd. [2014 (7) TMI 477 - BOMBAY HIGH COURT] where the assessee has paid the said amount due on account of employee’s contribution to PF and ESIC before due date of filing of return of income, which is mentioned in the assessment order itself, there is no merit in the grounds of raised by the Revenue in this regard. - decided against revenue
|