2024 (2) TMI 407

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....UGUSTINE GEORGE MASIH For the Petitioner : Mr. N Venkatraman, A.S.G. Mr. Rupesh Kumar, Sr. Adv. Mr. Raj Bahadur Yadav, AOR Mr. Shashank Bajpai, Adv. Mr. V C Bharathi, Adv. Mr. Prashant Singh Ii, Adv. Mr. Udai Khanna, Adv. Mr. Harish Pandey, Adv. Mr. Raman Yadav, Adv. Mr. Abhas Upmanyu, Adv. For the Respondent : Ms. Mahua Kalra, AOR Mr. Mayank Nagi, Adv. Ms. Husnal Nagi, Adv. Mr. Tarun Singh,....

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....itioner and learned counsel Mr. Mayank Nagi for the respondent and perused the material on record. During the course of submissions, our attention was drawn to the fact that this Court, in an identical matter in C.A. No.6226/2013 [Dy. Commissioner of Income Tax vs. M/s Munjal Auto Industries Limited] along with other connected civil appeals, upheld the order of the Gujarat High Court passed in ....

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....rat High Court passed in the case of M/s Munjal Auto Industries Limited (supra) which order was sustained by this Court in C.A. No.6226/2023 by placing reliance on another judgment of this Court in M/s Chaphalkar Brothers, Pune. Therefore, the said direction may also be issued in the instant special leave petitions also. Per contra, learned counsel appearing for the respondent assessee however,....

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....a bearing on the present case and therefore, we observe that consequent upon holding that the sales tax subsidy receipt by the respondent-assessee being treated as a capital receipt, the natural consequences as a result of the said declaration would follow. The special leave petitions are disposed of in the aforesaid terms. Pending application(s), if any, shall stand disposed of. C.A. No.....