9911796707
TMI Blog2005 (1) TMI 10X X X X Extracts X X X X X X X X Extracts X X X X ..... the Revenue under section 256(1) of the Income-tax Act, 1961, by the Tribunal (ITAT) in R.A. No. 139/Ind./97, dated February 9, 1998, which arises out of an order dated October 17, 1997, passed by the Tribunal in I. T. A. No. 475/Ind./93 to answer the following question of law said to arise out of the aforementioned order : "Whether, on the facts and in the circumstances of the case, the Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rties have admitted that the issue is covered by the decision of the Tribunal in favour of the assessee in the case of Kashyap Sweeteners Pvt. Ltd. v. Deputy CIT (Asstt.) in I. T. A. No. 704/Ind./94 dated January 25, 1995, for the assessment year 1991-92. In this view of the matter and following the decision (supra), we decide this ground in favour of the assessee." 4. With respect we may say tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essary to find out as to what is the object of the scheme, its nature, manner, mode of payments its reimbursement, benefit conferred upon the assessee. It is these factors which determine the character of the amount received which in turn determines its nature from the income-tax point of view. If the amount is paid by way of subsidy for setting up a plant/machinery prior to the commencement then ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the question, we regretfully note that the Tribunal neither discussed the scheme of power subsidy applicable to the case of the assessee, nor gave any finding, nor even referred to it and nor mentioned in the statement of case. It was not even enclosed along with the statement of case. As a result of this though the Tribunal decided the issue in favour of the assessee but without examining the sam ..... X X X X Extracts X X X X X X X X Extracts X X X X
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