2015 (3) TMI 216

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....rge 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 behalf of the assessee. 3. In the Revenue's....

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....ceipt. 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 follows:-     "3.7. We observe that the....

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....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 subsidy scheme was to enable the assessee to set up a new u....