2022 (6) TMI 901

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.... For the Appellant(s) : Ms. Parinitoo Jain, Advocate (Through Video Conferencing) For the Respondent(s) : Mr. Priyesh Kasliwal, Advocate & Mr. C.M. Sharma, Advocate for Mr. P.K. Kasliwal, Advocate ORDER Heard on admission. Though, Mr. Priyesh Kasliwal, Advocate for Mr. P.K. Kasliwal, Advocate enters appearance on behalf of the respondent, as the case is listed for admission, at this s....

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....t assessee had disclosed complete particulars of subsidy of Rs.36.00 crores and the respective depreciation at 80% was claimed on the entire addition to Wind Mill without reducing the amount of subsidy of Rs. 36.00 crores from the cost claimed on the basis of various decisions of the Coordinate Benches of the ITAT and the Hon'ble High Court, the assessee has neither concealed any particulars of in....

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....is of various decisions of Hon'ble Rajasthan High Court and the subsidy of Rs.36.00 crores received by the assessee from Ministry of Textile, Government of India was not reduced from the cost of the windmill, as according to the assessee, the Proviso to Explanation 10 of Section 43(1) was not applicable in the case of assessee placing reliance on M/s Lotus Integrated Taxpark Ltd. vs DCIT (supra). ....

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.... The submission of learned counsel for the Revenue that as the proviso to Explanation 10 of Section 43 (1) of the Act was found not applicable in the case of assessee, an inference has to be drawn that assessee had submitted inaccurate particulars, cannot be accepted. Irrespective of whether or not assessee is entitled to the benefit under proviso to Explanation 10 of Section 43(1) of the Ac....