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Showing contexts for: revised return when valid in M/S. Insecticides (India) Ltd., New ... vs Dcit, New Delhi on 12 September, 2022Matching Fragments
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[R. BANUMATHI] New Delhi April 19, 2016
6. At the time the assessment order was passed the decision of Hon'ble Apex court was not available. Therefore, on merit, the issue is covered in favour of appellant by the decision of the Hon'ble Apex Court.
7. It was confirmed by the appellant that till AY 2013-14 refund of excise duty and interest subsidy were shown by the appellant on revenue receipts. In AY 2012-13, the receipts were claimed as capital receipts, during the course of assessment proceedings. The AO did not allow the same by relying on the decision of the Apex court in the case of Goetzeindia Ltd. reported in 284 ITD 323. However, the CIT(A) allowed the claim of the appellant and held the receipts to be of capital nature in order dated 30.12.2015. In AY 2012-13 i.e. the year under appeal, valid revised return was filed on 21.03.2015 making the claim of receipts being of capital nature. Therefore, the addition made is deleted as far as computation/assessment of income under normal provisions of the Act is concerned."