2004 (9) TMI 317

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..... s. 30 lakhs on account of capital subsidy received by the assessee treated to be as revenue receipt by the AO. The AO had relied upon the decision of the Supreme Court in the case of Sahney Steel Press Works Ltd. Ors. vs. CIT (1997) 142 CTR (SC) 261 : (1997) 228 ITR 253 (SC). The only reason for treating the subsidy as revenue receipt by the AO is that the subsidy was granted from the date of .....

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..... : 2. Agro-based industries using rice, dal, oil, barley or flour maize, ginned pressed cotton, cotton yarn as raw materials including non-molasses based alcohol and aerated/non-aerated drinks where minimum of 20 per cent juice content is used. 3. Integrated oil seed processing industry including solvent extraction units oil refineries. As per the statement on the industrial policy, it is .....

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..... s been granted for setting up the industry and to meet the cost of capital expenditure. We are, therefore, of the considered view that the decision of the Supreme Court in the case of CIT vs. P.J. Chemicals Ltd. (1994) 121 CTR (SC) 201 : (1994) 210 ITR 830 (SC) is applicable in this case and not the decision of the Supreme Court in the case of Sahney Steel Press Works Ltd. Ors. vs. CIT. We acc .....

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