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TMI Blog2015 (9) TMI 1639X X X X Extracts X X X X X X X X Extracts X X X X ..... 561. 3. The original assessment was made u/s. 143(3) of the Act by order dated 29.5.2009 wherein the returned income of Rs. 11,46,210/- was also the assessed income and the Book profit u/s. 115JB was determined at Rs. 78,07,113/-. Subsequently, the completed assessment was reopened after recording the following reasons: " The assessee was in receipt of Rs. 58,08,273/- in respect of wind mill undertaking from transfer of sales tax benefit under the power policy of the State Government for installing windmills in the Maharashtra State. Although, the assessee claimed it as not taxable being capital receipts. The AO rejected the assessee's claim as capital receipt and treated the same as revenue in nature. However, the AO has allowed deduct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idering the facts and the submissions, the Ld. CIT() at para-1.3 of his order has observed that " in the original assessment the AO has discussed the issue of Sales tax subsidy of Rs. 58,08,273/- at page 1-6 of the assessment order. The Ld. CIT(A) further observed that the AO while completing the assessment treated the Sales tax subsidy as Revenue receipts in included the same in the total income. The Ld. CIT(A) further observed that the issue of deduction u/s. 80IA(4)(iv) was considered by the AO at pages-7-9 of the assessment order and after discussing the issue at length, the AO allowed the claim of deduction u/s. 80IA(4)(iv) of the Act". 4.1. The Ld. CIT(A) was convinced that there is no new information or material before the AO to reo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave also gone through the original assessment order. We have also carefully perused the decision of the Tribunal in assessee's own case for A.Y 2003-04 to 2006-07 (supra). We find that the Tribunal has treated the sale consideration received on the transfer of Sales tax benefits/incentive as a benefit directly arising from the business and therefore the same was treated as a revenue receipt. 8.1. Coming to the reasons recorded for the reopening of the assessment as mentioned elsewhere in this order, the allegation of the Revenue is that, the sales tax benefit is not an income derived from the business of the industrial undertaking. This view of the AO is not matching with the decision of the Tribunal in assessee's own case in earlier asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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