2000 (4) TMI 17

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....estion for our opinion along with the statement of case : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding the view that the sales tax subsidy of Rs. 2,06,400 received by the assessee was a capital receipt not liable to income-tax ?" During the course of assessment, the Assessing Officer (North-East) wrote a letter to the assessee dated Fe....

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....for the assessee, though the matter was listed 2/3 times. Heard learned counsel for the Revenue. Learned counsel for the Revenue submits that now the issue is concluded by the apex court in the case of Sahney Steel and Press Works Ltd. v. CIT [1997] 228 ITR 253. He submits that sales tax subsidy received after production cannot be treated as capital receipt. The facts are not in dispute that the....