TMI Blog2011 (11) TMI 869X X X X Extracts X X X X X X X X Extracts X X X X ..... peal of the Revenue arises from the order of ld. CIT(A)-II, Agra dated 18.03.2010 for the Assessment Year 2007-08. 2. The Revenue has raised the following ground of appeal :- 1. That the ld. CIT(A) has erred in law and on facts in deleting the addition of Rs.7,50,000/- made by the Assessing Officer on account of capital subsidy received by the assessee holding that the provisions of sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... may be deemed fit at the time of hearing of appeal. 3. The brief facts in ground no.1 of the Revenue are that the assessee has received capital subsidy of Rs.50,00,000/- during the year. The A.O. observed that the capital subsidy has been kept in the bank and the assessee has taken loan against this and the assessee is enjoying the credit. It is logical to reduce it from the value of total a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3(1) will not be applicable and the A.O. is not justified to reduce the capital subsidy and hence the depreciation and no addition was called for. We find no error in the order of the ld. CIT(A) who has rightly deleted the addition made by the A.O. Thus ground no.1 of the Revenue is dismissed. 5. As regards ground nos.2 3 of the Revenue, since the same are general in nature, therefore, do not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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