https://www.taxtmi.com/caselaws?id=189770 The Tribunal allowed the assessee's appeals, ruling that the reopening of assessments under section 147 read with section 148 was legally flawed. The Industrial Promotion Assistance received was deemed a capital receipt exempt from income tax, contrary to the Assessing Officer's classification as a revenue receipt. The Tribunal emphasized consistency in treatment of the assistance, aligning with past decisions and concluding that the relief granted in earlier years should not be disturbed in subsequent assessments. en-us Fri, 29 Apr 2011 00:00:00 +0530 Thu, 19 Jan 2017 18:39:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189770 The Tribunal allowed the assessee's appeals, ruling that the reopening of assessments under section 147 read with section 148 was legally flawed. The Industrial Promotion Assistance received was deemed a capital receipt exempt from income tax, contrary to the Assessing Officer's classification as a revenue receipt. The Tribunal emphasized consistency in treatment of the assistance, aligning with past decisions and concluding that the relief granted in earlier years should not be disturbed in subsequent assessments. Case-Laws Income Tax Fri, 29 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189770