2023 (4) TMI 114

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....appeal has been filed under section 260A of the Income Tax Act, 1961, we are required to see as to whether any substantial question of law arises for consideration. For such reason, we exercise discretion and condone the delay in filing the appeal. The application, GA/1/2023 is allowed. This appeal filed by the revenue under section 260A of the Income Tax Act, 1961 [the Act] is directed against the order dated 20.3.2020 passed by the Income Tax Appellate Tribunal, Kolkata "C" Bench, Kolkata in IT[SS]A No.27 to 32/Kol/2019 for the assessment year 2009-10 to 2013-14 and 2015-16. The revenue has raised the following substantial questions of law for consideration: - a) Whether the Learned Tribunal has committed substantial error in law in u....

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....tive portion of the judgment reads as follows :- "After setting out both the Supreme court judgements referred to hereinabove, the High Court found that the concessions were issued in order to achieve the twin objects of acceleration of industrial development in the State of Jammu and Kashmir and generation of employment in the said State. Thus considered, it was obvious that the incentives would have to be held capital and not revenue. Mr. Ganesh, learned Senior Counsel, pointed out that by an order dated 19.04.2016, this Court stated that the issue raised in those appeals was covered, inter alia, by the judgment in Ponni Sugars, and the appeals were, therefore, dismissed. We have no hesitation in holding that the finding of the Jamm....

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.... in the nature of income at all, it cannot be included in the book profit for the purpose of computation under section 115JB of the Income-tax Act, 1961. For the aforesaid reason, we hold that the interest and power subsidy under the schemes in question would have to be excluded while computing book profit under section 115JB of the Income-tax Act, 1961. The third issue involved in the instant appeal which requires adjudication is whether the action of the Tribunal entertaining/allowing the claim which was made by the assessee before the Assessing Officer by filing a revised computation instead of filing a revised return since the time to file the revised return had lapsed, for claiming to treat the incentive subsidies in question as capita....