TMI Blog1988 (7) TMI 46X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income-tax Appellate Tribunal, Jabalpur Bench, Jabalpur, has referred the following question of law to this court for its opinion : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the sales tax subsidy granted to an industry under the Madhya Pradesh scheme for grant of subsidy/interest free loan for substantial expansion of the existing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rther appeal before the Tribunal, the Tribunal held that the subsidy constituted a capital receipt. The Tribunal, therefore, allowed the appeal preferred by the assessee in that behalf. Aggrieved by the order passed by the Tribunal, the Revenue sought a reference and it is at the instance of the Revenue that the aforesaid question of law has been referred to this court for its opinion. Shri Rawa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n backward areas in the State for a specified period from the date of starting production, was a capital receipt and hence was not assessable to tax. Following that decision, our answer to the question referred to this court is in the affirmative and against the Revenue. In the circumstances of the case, parties shall bear their own costs of this reference. - - TaxTMI - TMITax - Income ..... X X X X Extracts X X X X X X X X Extracts X X X X
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