TaxTMI 
TaxTMI 
2016 (8) TMI 1578
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....common order. Assessee-company is engaged in the business of manufacturing of all types of detonators, fuse heads, aluminium and copper tubes, filed its return of income on 20- 10-2005, declaring total income at Rs.4.60 crores under the normal provisions of the Act and of Rs.7.36 crores under the MAT provisions. Subsequently, it filed a revised return wherein the assessee claimed receipt of Rs.1.07 crores, being the amount received under the sales-tax incentive scheme as capital in nature. The revised return filed u/s 139(5) of the Act was accepted by the AO. However, the AO added the said sum of Rs.1,07,92,553/- received by assessee under the sales-tax incentive scheme by treating it a revenue receipt. 2. Aggrieved by the order of the AO,....
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....s revision of the earlier schemes including the 1979 scheme. 2 Objection of the Scheme: The object of the scheme was industrial development of backward district as well as genraation of employment. The object of the scheme was industrial development of backward district as well as generation of employment, as this as extension of earlier schemes viz. Schemes introduced in 1964, 1979 and 1988. The Appellant has set up industrial undertgaking in notified backward area viz. Sawanga, post Shiva, Taluka and District Nagpur. 3. Industrial undertaking: The assessee in this case has set up industrial undertaking in notified backward area viz. Patalganga. Raigad District The Appellant has set up industrial undertaking in notified backward ar....
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....e for issue of eligibility certificate for exemption from payment of sales tax under 1990 Scheme. The appellant was granted the eligibility certificate non 09-06-2000. As per the said eligibility certificate, the assessee was entitled for exemption from payment of sale tax up to Rs.254.70 lacs for a period of ten years from 15th July, 2000 to 14th July, 2010. Later on, further investment was enhanced and accordingly renewed eligibility certificate was granted. We have also considered the object of 1993 Scheme and the main feature was to grant incentive to the industries established in the backward areas for development of under-developed region of Maharashtra State. We have also examined the legal aspect whether the subsidy in question is c....