M/S Vardhman Acrylics Limited v. Commissioner Of Income-Tax, Ludhiana &Anr
High Court
28 Jan 2015 In favour of: Unclear
Forum / Bench
High Court · phhc
Parties
M/S Vardhman Acrylics Limited v. Commissioner Of Income-Tax, Ludhiana &Anr
Date of order
28 Jan 2015
Assessment year(s)
—
Outcome
Other
The order — as passed by the High Court
Case summary
In M/S Vardhman Acrylics Limited v. Commissioner Of Income-Tax, Ludhiana &Anr, the High Court (2015) decided the matter.
Issue: Commissioner of Income Tax, Ludhiana &anr.), order dated 20.1.2014 passed by the Income Tax AppellateTribunal, Chandigarh Bench, has to be set aside and the matter may berestored to the Iridunal to aetermine whether sales tax subsidy Is arevenue or a capital receipt, by reference to the nature and p...
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH
ITA No. 239 of 2014
M/s Vardhman Acrylics Limited
_. Petitioner
Versus
Commissioner of Income-Tax, Ludhiana &anr.
... ReSpondents|
CORAM:- HON'BLE MR. JUSTICE RAJIVE BHALLAHON'BLE MR. JUSTICE B’.S. WALIA
Present:Ms. Radhika Suri, Sr. Advocate, withMs. Rinku Daniya, Advocate,for the appellant.
Mr. Rajesh Katocn, Advocate,for the respondents. .
RAJIVE BHALLA, J.(Oral)
Counsel for the parties are ad idem that In view ofjudgment dated 18.12.2014, passed in ITA No.146 of 2014 (M/sVardhman Acrylics Ltd. Vs. Commissioner of Income Tax, Ludhiana &anr.), order dated 20.1.2014 passed by the Income Tax AppellateTribunal, Chandigarh Bench, has to be set aside and the matter may berestored to the Iridunal to aetermine whether sales tax subsidy Is arevenue or a capital receipt, by reference to the nature and purpose ofthe subsiay.
In view of statement made by counsel for the parties, orderdated 20.1.2014 passed by the Income lax Appellate [ribunal is setaside and the matter is restored to the Tribunal for adjudication afreshin terms of the order dated 18.12.2014 passed in ITA No.146 of 2014(supra),
( RAJIVE BHALLA )JUDGE|
28.01.2015mronik
(B.S. WALIA )JUDGE
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