Itta/136/2014 Of The Director Of Income Tax (Exemptions) v. Sports Of Ap

IN THE HIGH COURT OF JUDICATURE, ANDHRA PRADESH ATHYDERABAD THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTAANDTHE HON’BLE SRI JUSTICE SANJAY KUMAR I.T.T.A. No. 136 of 2014 Date: 04.03.2014 Between: The Director of Income Tax (Exemptions),Hyderabad. … Appellant And Sports Authority of Andhra Pradesh,Olympic Bhavan, L.B. Stadium,Hyderabad. … Respondent This Court made the following: THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTAANDTHE HON’BLE SRI JUSTICE SANJAY KUMAR I.T.T.A. No. 136 of 2014 JUDGMENT:(Per the Hon’ble The Chief Justice Sri Kalyan Jyoti Sengupta) This appeal is sought to be preferred against the judgment andorder of the learned Tribunal dated 04.01.2013 in relation to theassessment year 2005-06 and sought to be admitted on the followingsuggested questions of law: “1. Whether on the facts and in the circumstances of the case,when specifically the assessee has admitted that the Non-PlanGrants are towards meeting establishment, maintenance ofstadia and other operation expenses, the order of the Hon’ble ITATholding the same as capital receipt is not perverse? 2. Whether on the facts and in the circumstances of the case,the Hon’ble Tribunal is correct in law holding that the Non-PlanGrants received by the assessee are capital receipt?” We have heard Mr. Prasad, learned counsel for the appellant,and gone through the judgment and order of the learned Tribunal. It appears that the learned Tribunal has taken up correct viewwhile holding that receipt of grant-in-aid is not a revenue receipt and is acapital receipt. In fact, the Assessing Officer has also taken this viewearlier. Therefore, we do not find any reason to interfere with thejudgment and order of the learned Tribunal. The appeal is accordingly dismissed. No order as to costs. ___________________ K.J. SENGUPTA, CJ Date: 04.03.2014ES ___________________SANJAY KUMAR, J