2023 (8) TMI 1259

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.... and in law in rejecting grounds of appeal no. 1.1 (infra), raised by the appellant as additional ground, regarding claim of sales tax subsidy/ incentive as capital receipt, holding that there is no merit in the said claim made by the appellant which is made for the very first time during the appellate proceedings. 1.1 That the CIT(A) erred on facts and in law in not appreciating that the sales tax subsidy/ incentive amounting to Rs. 22.63 crores availed under the Package Scheme of Incentives (Maharashtra), 1993, ought to be treated as capital receipt not liable to tax under the provisions of the Income Tax Act, 1961 ('the Act'). 1.2 That the CIT(A) erred on facts and in law in not discussing the merits of the above claim ....

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....ng the year under consideration. 2.3 That the CIT(A) further erred on facts and in law in directing the assessing officer to compute disallowance under section 14A on the basis of 0.5% of average value of investments excluding only the amount of investments made in growth oriented mutual funds. 3. That the CIT(A) erred on facts and in law in confirming action of the assessing officer in charging interest under section 234A, 234B and 234D of the Act. 3. Representative of both the sides were heard at length. Case records carefully perused and the relevant documentary evidences brought on record duly considered in the light of Rule 18(6) of the ITAT Rules. 4. Briefly stated the facts of the case are that the return of i....