TMI Blog2011 (6) TMI 744X X X X Extracts X X X X X X X X Extracts X X X X ..... of Ponni Sugar Sawhney Steel and Press Works Ltd., wherein the Hon ble Supreme Court had held such receipts to be the revenue receipts in as much as in that case payments were made only after the industries had been set up and payments were not made for purpose of setting up of industries. 3. On the facts and circumstances whether the ld. CIT(A) was right in facts and circumstances and in law in not considering the decision in the case of Seaham Harbour Dock Company which lays down two important tests for determining whether receipts is a trading receipt or a capital receipt. 4. On the facts and circumstances whether the ld. CIT(A) was right in facts and circumstances and in law in not appreciating and applied the purpose t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se of M/s. Shree Balaji Alloys (supra). In the case of M/s.Shree Balaji Alloys (supra), the issue before the Hon ble High Court was as under:- Whether the amount of excise refund and interest subsidy received by the appellants-assesses, in pursuance of the incentives announced and sanctioned vide Government of India, Ministry of Commerce and Industry (Department of Industrial Policy and Promotion) s Office Memorandum No.1(13)2000-NER dated June 4, 2002 and Central Excise Notification Nos.56 and 57, dated November 14,2002 and other notifications issued on the subject, pertaining to the industrial policy introduced in the State of Jammu Kashmir, is a capital receipt and, thus, not liable to tax under the provisions of the Act, or re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed thereto, from the date of commencement of the commercial production, and that these were not required for creation of new assets cannot be viewed in isolation, to treat the incentives as production incentives, as held by the Tribunal, for the measure so taken, appears to have been intended to ensure that the incentives were made available only to the bona fide industrial units so that larger public interest of dealing with unemployment in the State, as intended, in terms of the Office Memorandum, was achieved. The other factors, which had weighed with the Tribunal in determining the incentives as production incentives may not be decisive to determine the character of the incentive subsidies, when it is found, as demonstrate in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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