TMI Blog2019 (1) TMI 1978X X X X Extracts X X X X X X X X Extracts X X X X ..... Shri R.S. Syal, Vice President And Shri Vikas Awasthy, JM For the Assessee : Shri Nikhil Pathak. For the Revenue : Shri Sudhendu Das. ORDER PER VIKAS AWASTHY, JM : This appeal by the Revenue is directed against the order of CIT(A)-1, Nashik dated 29-06-2016 for the assessment year 2011-12. 2. The Revenue in appeal has assailed the order of CIT(A) by raising following grounds : 1. Whether on the facts and in the circumstances of the case, the ld. CIT(A)-1, Nashik was justified in treating the incentive received by the assessee from Govt. of Maharashtra in the form of Octroi Refund of Rs.1,68,52,440/- as capital subsidy. 2. Whether on the fact and circumstances of the case, the ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Octroi Rs.1,68,52,440/- be treated as capital incentive. The ld. Authorized Representative pointed that in the return of income, the assessee had not claimed Octroi refund incentive as capital receipt. The Assessing Officer in assessment proceedings rejected the claim of assessee in the light of decision of Hon ble Supreme Court of India in the case of Goetz (India) Ltd. Vs. CIT 284 ITR 323. 4. The assessee filed appeal against the assessment order dated 27-02-2015. The CIT(A) following the decisions of Hon ble Bombay High Court in the case of CIT Vs. Kirloskar Oil Engines Vs. CIT 364 ITR 88 and CIT Vs. Chaphalkar Brothers 351 ITR 309 held Octroi refund as capital in nature. 5. The ld. Authorized Representative further submit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncentives, 2007. We find that the Coordinate Bench of the Tribunal in the case of ACIT Vs. M/s.Universal Construction Machinery and Equipments Ltd. (supra) in an identical set of facts has held subsidy received by the assessee under Package Scheme of Incentives, 2007 as capital in nature. Relevant extract of the order of Tribunal reads as under: 5. We have heard the submissions made by Id. DR and have perused the material available on record. Before the Assessing Officer the assessee has submitted that during the period relevant to the assessment year 2012-13 has received subsidy of Rs.13,37,61,000/- up to 31-03-2012 and the balance amount of Rs.2,36,05,000 / - is stated to be receivable as on 31-03-2012. The subsidy was sanctioned ..... X X X X Extracts X X X X X X X X Extracts X X X X
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