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TMI Blog2024 (4) TMI 1176X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 14A(2) of the Income Tax Act, 1961["Act"], interest on receivables and ICC sponsorship are concerned, concededly stand concluded by findings of fact as recorded by the Income Tax Appellate Tribunal ["ITAT"] and clearly do not give rise to any substantial question of law. 2. Insofar as the issue of pricing support is concerned, we note that the ITAT has essentially taken into consideration its own decision rendered inter partes for Assessment Year ["AY"] 2006-07. We are further informed that the appeal with respect to AY 2006-07 has come to be dismissed by this Court in terms of the orders passed in ITA 474/2017. 3. That only leaves us to deal with the two surviving issues, namely of Advertisement, Marketing and Promotion ["AMP"] and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... setting up and expansion of projects/industries and was not available to the existing industries unless they undertook substantial expansion. The Hon'ble Supreme Court in the case of CIT VS. Ponni Sugar and Commercial Ltd. (supra) observed that character of the receivables in the hands of the assessee had to be determined with respect to the purpose for which subsidy was given. The purpose for which subsidy is given assumes more significance rather than the manner in which it has been given. Here in this case also the subsidy was given by the Government of West Bengal for the purpose of industrialization of the State which was available only to new units or to existing units which were initiating substantial expansion. Under the Scheme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cision would clearly be distinguishable since in that particular case, the issue of subsidy and the same being revenue in character appears to have rested upon the fact that the units there had already been set up. 6. As we read the provisions of the Industrial Promotion Assistance ["IPA"] Scheme as framed by the State of West Bengal, the receipt of subsidies was clearly linked to a total investment exceeding INR 25,00,00,000/- being made and would have become payable on commencement of commercial production. It, therefore, appears to be clearly linked to the establishment of new units and capital expenditure which would be incurred in connection therewith. 7. Insofar as the issue of AMP is concerned, since both sides seek an opportunity ..... X X X X Extracts X X X X X X X X Extracts X X X X
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