2021 (9) TMI 1553

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....KUL BHARAT, JM, This appeal filed by the Revenue is directed against the order dated 05.06.2017 of the learned CIT(A)-30, New Delhi, relating to Assessment year 2014-15. The solitary ground raised in this appeal is relating to deletion of addition of Rs. 4,12,17,481/- by the Ld. CIT(A). 2. At the outset, Ld. A.R. for the assessee submitted that the issue in dispute is squarely covered by the de....

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....sions and perused the records especially the order of the Tribunal in assessee's own case in earlier assessment years, wherein the similar issue has been decided in favour of the Assessee and Revenue's appeals have been dismissed by upholding the order of the Ld. CIT(A). We find that in the assessment years 2012-13 & 2013-14 in ITA Nos. 5129 & 5130/Del/2015 in assessee's own case the ITAT, Delhi B....

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.... 14. Since findings returned by the Ld. CIT(A) are based upon the decision rendered by Hon'ble Apex Court in CIT vs. Meghalaya Steels Ltd. (2016) 383 ITR 217 (SC), we are of the considered view that the excise refund is in the nature of revenue receipt forming part of profits and gains arising from the business and as such cannot be reduced from the cost of plant and machinery. So, the findings....