TMI Blog2013 (2) TMI 210X X X X Extracts X X X X X X X X Extracts X X X X ..... he conclusion that such income would not be subjected to any tax - against revenue. - ITA No. 200 OF 2012 - - - Dated:- 4-2-2013 - MR. M. M. KUMAR, MR. HASNAIN MASSODI, JJ. Respondent: Mr. D. S. Thakur, Sr. Advocate with Mrs. Aruna Thaklur, Advocate JUDGMENT: M. M. Kumar, C 1. This order shall dispose of ITA no. 200/2012 ITA no. 8/2013. These appeals have been preferred b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r counsel appearing for the Revenue has, however, made efforts to persuade us to admit the appeal on another question concerning disallowance made under Section 40 (ia) of the Act. It is appropriate to notice that Section 40 of the Act deals with amounts which are not deductible in computing the income chargeable under the head Profits and gains of business or profession. According to Mr. Thakur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uty by the assessee has to be treated as Capital Receipt in view of Section 80IB then there is no escape from the conclusion that such income would not be subjected to any tax. In fact, on query of the bench, the aforesaid proposition has not been disputed by the learned senior counsel. 4. For the aforesaid reasons, the appeals fail and the same are dismissed. 5. A copy of this order be plac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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