TaxTMI 
TaxTMI 
2022 (3) TMI 1011
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.... The only issue raised in the appeal by the assessee is against the order of Ld. CIT(A) upholding the assessment order wherein the AO has denied deduction claimed u/s. 80IC of the Act in respect of aggregating sums of Rs. 7,17,27,768/- in respect of transport subsidy, central interest subsidy, power subsidy and central excise refund on the ground that the same were not derived from manufacturing ....
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....t of transport subsidy, central interest subsidy, power subsidy and central excise refund. The AO noted in the assessment order that the similar claim in respect of subsidies was rejected in earlier assessment years by treating the same as revenue receipts to which the provisions section 80IB/80IC of the Act were not applicable and the appeal of the assessee was also dismissed by ld. CIT(A) by fol....
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....High Court in the case of CIT vs Meghalaya Steels Ltd. in ITA No. 07/2010 reported in 356 ITR 235(Guh). The Ld. AR submitted that the said decision of Guwahati High Court has been affirmed by the Hon'ble Apex Court in the case of CIT vs Meghalaya Steels Ltd. reported in (2016) 383 ITR 217. The Ld. AR, therefore, prayed that since the issue has been settled by the Hon'ble Apex Court by hold....