Amount received against the issue of share cannot be consider as revenue receipt

Last updated: 10 February 2012

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
The assessee is under the Ministry of Shipping, Govt. of India. Assessee’s business is in ship building, ship repairing and general engineering. The ld. A.O. made an addition of Rs. 2 crores, which was stated as received from Government for upkeep of plant & machinery. The ld. A.O. was of the view that this is the revenue expenditure and the amount was received, as per the ld. A.O., on revenue account. He, therefore, treated it as income of the assessee during the previous year relevant to the assessment year under appeal.

Citation :
Dy.Commissioner of Income-tax Circle-1, Kolkata.(APPELLANT) -Versus- Hooghly Dock & Port Engineers Ltd.,(PAN-AAACH7473B)(RESPONDENT)

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CS Bijoy

Published in Income Tax
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Amount received against the issue of share cannot be consider as revenue receipt

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