2015 (3) TMI 216

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....eva Kumar, Advocate ORDER Per: George Mathan: This is an appeal filed by the Revenue against the order of ld. Commissioner of Income Tax (Appeals), Central-1, Kolkata in Appeal No.405/CC-III/CIT(A)C-1/Kol/09-10 dated 27.09.2012 for the assessment year 2007-08. 2. Shri M.L. Sardar, ld. JCIT, Sr. D.R., represented on behalf of the Revenue and Shri Rajeeva Kumar, Advocate, represented on ....

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....le to be treated as revenue receipt and not capital receipt. 6. We have considered the rival submissions. A perusal of the decision of the Coordinate Bench of this Tribunal in assessee's own case for the assessment year 2006-07 being immediately preceding assessment year in ITA No. 731/Kol./2009 dated 27.11.2009 shows that on an identical issue, the Coordinate Bench of this Tribunal has held as....

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....ined with respect to the purpose for which the subsidy is given. The point of time on which the subsidy is paid is not relevant. It was held by their Lordships of Hon'ble Supreme Court that if the object of the subsidy scheme was to enable the assessee to run the business more profitably, then the receipt is on revenue account and, on the other hand, if the object of the assistance under the s....