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TMI Blog2012 (5) TMI 390X X X X Extracts X X X X X X X X Extracts X X X X ..... ibunal had passed the order on 30th May, 2008, in which the order passed by the learned CIT, Moradabad on 21st March, 2006, was set aside and the order of the AO was restored. The Revenue moved an application under s. 254(2) of the Act on 23rd July, 2010 to the effect that there was a mistake apparent from record in the order of the Tribunal, which may be rectified. It has been mentioned that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... existing order of the Tribunal under s. 254(2) of the Act. Therefore, the impugned order may be rectified by taking into account this decision. 2.1 In reply, the learned counsel referred to the decision of Hon'ble Supreme Court in the case of CIT us. Max India Ltd. (2007) 213 CTR (SC) 266 : (2007) 295 ITR 282 (SC). In this decision, it has been held that the provision contained in s. 80HHC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dy received by the assessee was a capital receipt. The CIT revised this order and without assigning any reason held that the subsidy was revenue receipt. Subsequently, the decision of Hon'ble Supreme Court was received in the case of Sahney Steel and Press Works Ltd. vs. CIT (1997) 142 CTR (SC) 261 : (1997) 228 ITR 253 (SC), in which it was held that the power subsidy is the revenue receipt. The H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gh Courts had interpreted the question differently. There was no decision of the jurisdictional High Court available in the matter. Thus, at the relevant point of time two views were possible. Accordingly, the Tribunal rightly came to the conclusion that the revisionary order could not have been passed to deny the benefit to the assessee. 3. We have considered the facts of the case and sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aw was contentious in the jurisdiction of Allahabad High Court. The AO followed the decisions of Delhi and Gujarat High Courts. The decision of the Supreme Court in the case of Liberty India (supra) was rendered on 31st Aug., 2009, i.e., three years and five months after passing the revisionary order. This decision cannot be the basis for revising the order of Tribunal in the light of decision in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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