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| The Tax Publishers2020 TaxPub(DT) 5001 (Mum-Trib) INCOME TAX ACT, 1961
Section 4
Sales-tax incentive/subsidy was a capital receipt not chargeable to tax following decision in assessee's own case in earlier years as precedent.
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Income - Capital or revenue receipt - Sales-tax incentive/Subsidy -
Assessee was engaged in the business of oil and gas exploration, refining of crude oil, manufacturing of and trading in petro-chemicals, polyester, fiber intermediates, textiles, generation and distribution of power, operation of jetties and related infrastructure, retail marketing of petroleum products and investments. On this issue addition was made by the AO bringing to tax sales tax incentive receipt, which was claimed by the assessee as capital receipt not liable to tax. CIT(A) had allowed the appeal on this issue by referring to several case laws from ITAT in assessee's own case from assessment years 2007-08 to 2012-13. Held: The ITAT in assessee's own case in a number of orders for preceding years had decided the issue in favour of the assessee and the same order had not been reversed by Jurisdictional High Court. Accordingly, following the doctrine of stare decisis the order of CIT(A) was upheld.
Followed:(2004) 88 ITD 273 (Mum) : 2004 TaxPub(DT) 1014 (Mum-Trib).
REFERRED :
FAVOUR : In favour of assessee.
A.Y. : 2013-14
INCOME TAX ACT, 1961
Section 32(1)
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