2002 (12) TMI 627

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..... . V. Balasubramanian, J. At the instance of the assessee, the Income- tax Appellate Tribunal has stated a case and referred the following question of law : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in taking a view that the sum of ₹ 1,24,05,255 being purchase price and excise duty rebate/incentive is a benefit and, therefore, an income from bu .....

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..... hink fit. We do not appreciate the procedure adopted by the Appellate Tribunal in referring alternative questions for the consideration of this court. However, we are of the view that the following question of law is deemed to be the question that has been referred by the Appellate Tribunal for our consideration : "Whether, on the facts and in the circumstances of the case, the Tribunal was just .....

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..... hase tax subsidy would form part of business income, but the excise duty rebate or excise duty incentive are not the income of the assessee, but a capital receipt. In the instant case, the Appellate Tribunal has referred to a combined and consolidated figure and the break-up figures of the amounts which are the subject matter of the tax case are not available. Accordingly, we hold that the purchas .....

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