TMI Blog2022 (6) TMI 1066X X X X Extracts X X X X X X X X Extracts X X X X ..... s. Shree Balaji Alloys [ 2011 (1) TMI 394 - JAMMU AND KASHMIR HIGH COURT] which has been further sustained with Hon ble Apex Court [ 2011 (11) TMI 712 - SC ORDER] - The cumulative effect of same is that excise duty subsidy and interest subsidies given in pursuant of new industrial policy were held to be capital receipts. No distinction, as attempted by Ld. AO, can be drawn on the basis that as earlier income was subject to benefit of weighed deduction @ 100% of the profits derived from undertaking which no more was available, that would change the nature of receipt to revenue instead of Capital. - Decided against revenue. - ITA No. 3674/Del/2019 - - - Dated:- 15-6-2022 - SH. G. S. PANNU , HON BLE PRESIDENT AND SH. ANUBHAV SHARMA , JUD ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efully examined and is not found tenable. In reply, the AR has only quoted the judgement of Hon ble J K High Court in the case of Shree Balaji Alloys which has already been discussed in para 3.2. However, no reply whatsoever has been given to the findings of the undersigned as mentioned in para 6, 6.2, 6.3 and 6.4 of the show cause notice. Therefore, the assessee has nothing to say in this regard which establishes beyond doubt that the claim of the assessee by treating the excise rollback subsidy as capital receipt does not hold ground and the assessee is also well aware of that. 5. In view of all the above facts and circumstances of the case, the undersigned is of the firm view that the true intent and purpose underlying in the new i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AT Ahmedabad Bench in ITA No. 1619/AHD/2008 in DCIT vs. M/s. Munnjal Auto Industries and in assessee s own case for assessment year 2013-14 of Delhi Bench to contend that as with regard to the assessee s case, there is no error in findings of Ld. CIT(A). 7. Giving thoughtful consideration to the matter on record it can be observed that in assessee s own case for assessment year 2013-14 a Coordinate bench decision in M/s. Crystal Crop Protection Pvt. Ltd. vs. DCIT dated 19.12.2019 in ITA no. 1539/Del/2016 was relied which in turn had further relied the judgment of Hon ble Jammu and Kashmir High Court in CIT vs. Shree Balaji Alloys CIT 333 ITR 335 which has been further sustained with Hon ble Apex Court. The cumulative effect of same is th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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