TMI Blog2015 (3) TMI 216X X X X Extracts X X X X X X X X Extracts X X X X ..... ld. CIT(Appeals) stands confirmed - Decided against Revenue. - I .T.A. No. 1704/Kol ./ 2012 - - - Dated:- 17-7-2014 - Shri Shamim Yahya and Shri George Mathan, JJ. For the Appellant : Shri M.L. Sardar, JCIT, Sr. D.R. For the Respondent : Shri Rajeeva Kumar, Advocate ORDER Per: George Mathan: This is an appeal filed by the Revenue against the order of ld. Commissioner of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion of the Coordinate Bench of this Tribunal in assessee s own case for the assessment year 2006-07. 5. Ld. Sr. D.R. vehemently supported the order of the Assessing Officer. It was the submission that the excise duty refund was liable to be treated as revenue receipt and not capital receipt. 6. We have considered the rival submissions. A perusal of the decision of the Coordinate Bench of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case of Balarampur Chini Mills Ltd. (supra). The Hon'ble Supreme Court in the case of Ponni Sugars Chemicals Ltd. (supra) has held that the character of the receipts in the hands of the assessee has to be determined with respect to the purpose for which the subsidy is given. The point of time on which the subsidy is paid is not relevant. It was held by their Lordships of Hon'ble Supr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ls from the assessee and if the said refund of excise duty of ₹ 1,97,28,534/- has been utilized by the assessee for repayment of the term loan taken by it for setting up of the industrial undertaking/expansion of the indus trial unit, the said amount be considered as capital receipt. Subject to above observation, we uphold the order of the ld. CIT(A) and reject the ground of appeal taken by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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