https://www.taxtmi.com/caselaws?id=314414 The ITAT Delhi held that assessment under section 153A was invalid as no incriminating materials were found during search proceedings, following Delhi HC precedent in Kabul Chawla case. Regarding incentive/subsidy receipts under West Bengal Incentives Scheme 2000, the tribunal determined these were capital receipts rather than revenue, citing SC decisions in VSSV Meenakshi Achi and Ponni Sugar cases. The tribunal concluded that subsidies aimed at promoting industrialization, state development, and employment generation constitute capital receipts in the assessee's hands, directing the AO to allow the claim for assessment years 2009-10 and 2012-13. Appeals were allowed. en-us Wed, 19 Oct 2022 00:00:00 +0530 Fri, 07 Jun 2024 20:46:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314414 The ITAT Delhi held that assessment under section 153A was invalid as no incriminating materials were found during search proceedings, following Delhi HC precedent in Kabul Chawla case. Regarding incentive/subsidy receipts under West Bengal Incentives Scheme 2000, the tribunal determined these were capital receipts rather than revenue, citing SC decisions in VSSV Meenakshi Achi and Ponni Sugar cases. The tribunal concluded that subsidies aimed at promoting industrialization, state development, and employment generation constitute capital receipts in the assessee's hands, directing the AO to allow the claim for assessment years 2009-10 and 2012-13. Appeals were allowed. Case-Laws Income Tax Wed, 19 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314414