ABHISHEK INDUSTRIES LTD. Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS order shall dispose of the abovementioned four appeals. For the sake of reference, facts have been taken from IT Appeal No. 374 of 2005.

(2.) TRIBUNAL , Chandigarh Bench (for short, 'the Tribunal') in ITA No. 841/Chd/2000, for the asst. yr. 1997 -98, raising following substantial questions of law :

(3.) BRIEFLY , the facts are that the assessee filed its return of income as 'Nil' and declared income of Rs. 96,66,339 under return, the relevant part of which is extracted as under : "The company has received sales -tax subsidy in the form of sales -tax exemption granted by the Punjab State being directly linked to fixed capital investment, is in the nature of capital subsidy."