K, received excise refund and interest subsidy, etc which it claimed to be a capital receipt. Such incentives, designed to achieve a public purpose, cannot, by any stretch of reasoning, be construed as production or operational incentives for the benefit parekh forex assesses alone.

The fact that the incentives were available only after commencement of commercial production cannot be viewed in isolation. Court had no power to condone the delay by taking recourse to s. The case was a classic one of change of opinion. The question whether a subsidy is capital or revenue depends on the facts of the case. Maersk Co Ltd as agent of Mr. Notify me of follow-up comments by email.

Notify me of new posts by email. Electronics Corporation of India Ltd vs. 232 it was held that when the margin between the value as given by the assessee and the Departmental valuer was less than 10 per cent, the difference is liable to be ignored and the addition made by the AO cannot be sustained. The matter cannot be set aside to the AO for a second chance. Assessing Officer should have referred the valuation of the capital asset to a valuation officer instead of adopting the value taken by the state authority for the purpose of stamp duty. 50C: The stamp duty value on the date of the agreement to sell has to be adopted and not the value on the date of the deed of sale.

50C, though inserted by the Finance Act 2016 w. 2017, has to be given retrospective effect from 01. The facts relating to the market value as on the date of agreement to sale and as on the date of sale deed is not disputed. The only dispute is whether the stamp duty value as on the date of agreement to sale or sale deed to be considered for the purpose of computation of capital gain. The purpose of introducing section 50C of the Act was to counter suppression of sale consideration of sale of immovable properties.

Thus, it could be inferred that it has been accepted. AO is not justified in substituting the value determined by the DVO for the sale consideration disclosed by the assessee. Unregistered sale agreements prior to 01. 2009 are not subject to s. 50C as per CBDT Circular No. We are also inclined to agree with learned AR Mr. Shashank Dandu that in view of the decision of Co-ordinate Bench in case of Rahul Constructions vs.