2016 (12) TMI 1759

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....ne ORDER Heard Sri Shubham Agrawal, learned Counsel for the department and Sri Ashok Khare, learned Senior Counsel assisted by Sri Prateek Chandra, learned Counsel for the assessee. This is an income tax appeal under Section 260A of the Income Tax Act, 1961 filed by the department against an order passed by the Tribunal dated 31.07.2006 for the assessment year 1988-89. The following quest....

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....by the Ld. CIT (A)? 4. Whether the Hon'ble ITAT was justified in holding the utilization of grant for setting of projects would be taken as capital without considering that it was business of the authority to set up projects and thus funds utilized for that purpose could not be considered as capital in nature instead of revenue?" The Tribunal has examined the matter at length and h....