2019 (7) TMI 1226

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....apnil Newaskar, for Appellant. Mr. Sham V. Walve, for Respondent. P.C.: 1. This Appeal is filed by the Assessee to challenge the judgment of the Income Tax Appellate Tribunal ("the Tribunal" for short). The following question is presented for our consideration : "Whether the duty drawback of Appellant which is included in the purchase of the appellant which forms the part of expe....

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....sel for the assessee however, placed reliance on the subsequent decision of the Supreme Court in the case of Commissioner of Income Tax V/s. Meghalaya Steels Ltd. [2016] 383 ITR 217 (SC). We are conscious that in such decision, the Supreme Court had granted the benefit of exemption in respect of a subsidy received from the Government. In the process, the Supreme Court had held that the ratio laid ....