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Documents citing Dy Cit, Cc-3(3)(1), Mumbai vs M/S Reliance Industries Holding P. ... on 31 October, 2022

Grasin Industries Ltd , vs Department Of Income Tax

24. We are also of the view that in the present case the first point of time at which the Assessee could have raised this issue is only before the Tribunal. It is only during the pendency of the appeals of the Assessee before the Tribunal that the various decisions of the Tribunal holding similar receipt of sales tax subsidy as capital receipt not chargeable to tax, were rendered. The Hon'ble Bombay High Court in the case of CIT Vs. M/S.Reliance Industries Ltd., by its judgment dated 15.4.2009 held that identical sales tax subsidy was capital receipt not chargeable to tax. It was in those circumstances that the Assessee made the claim by way of additional ground before the Tribunal. The objection raised by the revenue is therefore without any merit.
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