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2015 (9) TMI 77

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..... th October,2015 as the concerned CIT (Appeals) is on leave. Mr.Kapoor states, on instructions, he is on leave for a period of two months. In view of the fact that the CIT (Appeals) is seized of the matter and hearing it, it would be appropriate that in the peculiar facts of the present case the Revenue does not adopt any coercive proceedings till such time as the CIT (Appeals) disposes of the petitioner's appeal arising out of assessment order dated 24th March, 2014 and for the period of two weeks thereafter. However, as the hearing has already commenced, we would direct the CIT (Appeals) to dispose of the appeal as expeditiously as possible and preferably on or before 15th December,2015. - Writ Petition No. 1471 of 2015 - - - Dated:- 20-8 .....

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..... s 'whether a grant of ₹ 40 crores received from the State of Maharashtra under the State Government Resolution dated 9th August,2007 is to be treated as revenue receipt or capital receipt. These funds were made available to the petitioner for the purpose of acquisition of land to carry out its project for development of Airports and the Special Economic Zones within the State of Maharashtra. The State Resolution also requires the petitioner to file monthly reports in respect of the utilization of the funds received for land acquisition from the State Government. 4. The impugned order refusing to grant stay has proceeded on the following basis: (a) that the deposit of the amounts would cause no financial hardship to the asses .....

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..... 2005-06 the petitioner has been receiving funds from the State Government being grants for acquisition of land. At no point of time the Revenue has sought to consider it as revenue. Besides, he filed a statement indicating that out of ₹ 155 crores which have been received commencing from the financial year 2004-05 upto 2007-08, an amount of ₹ 153.55 cores has been utilized for acquisition of land. Mr.Kapoor further points out that the Commissioner of Income Tax did not at any point of time before disposal of the application, give them any chance to explain regarding the receipt and utilization of the funds. The Assessment order being appealed against does not rely upon the aforesaid fact of receipt and utilization of funds. The .....

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