2026 (2) TMI 816

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....hivendra Singh, JSC, Mr. Yojit Pareek JSC & Mr. Surya Jindal, Adv. For the Respondent Through: Mr. Rohit Jain, Mr. Saksham Singhal & Mr. Tavish Verma, Advs. JUDGMENT PER DINESH MEHTA, J. (ORAL) 1. The present appeal is directed against the order dated 24.09.2024 passed by the learned Income Tax Appellate Tribunal, Bench "B": New Delhi (hereinafter referred to as "the Tribunal") whereby....

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....ved under the Incentive Scheme 2001 for Economic Development of Kutch District (hereinafter referred to as "the Scheme of 2001"), issued by the Government of Gujarat on 09.11.2001, after the infliction of earthquake in Kutch area. 5. This issue is covered by the judgment of Hon'ble the Supreme Court rendered in CIT, Madras v. Ponni Sugars & Chemicals Limited reported in 2008 (306) ITR 392 (SC) ....

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....nature of capital receipt independent of the cost of any asset, the only correlation with the asset was in the sense that an industry was supposed to make a particular investment. Otherwise, there was no nexus with the excise duty paid with the cost of the cost of a particular machine. 8. Hence, the contention of the appellant-Department that the subsidy so received should be reduced from the b....