SHREE BALAJI ALLOYS Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) Aggrieved by the orders of the Tribunal, Amritsar Bench, Amritsar on their respective appeals, against the orders of the CIT(A), Bathinda, upholding the orders of the ITO, denying them deductions under Section 80IB of the IT Act, 1961, hereinafter to be referred as "the Act", for short, on the excise refund and interest subsidy, etc., holding that the excise refund and interest subsidy etc. received by them, in pursuance to the New Industrial Policy and other concessions announced for the State of Jammu and Kashmir vide Government of India, Ministry of Commerce and Industry (Department of Industrial Policy and Promotion)'s Office Memorandum of 14th June, 2002, was, revenue receipt, and not capital receipt, hence liable to tax, the Appellant-Assessees have approached this Court by their appeals preferred under Section 260A of the Act, seeking setting aside of the Tribunal's orders of 26th Nov., 2009, 11th Nov., 2009, 12th Nov., 2009, 18th Dec., 2009, 29th Dec., 2009, 18th Dec., 2009, 18th Feb., 2010 and 9th April, 2010 passed in their respective appeals, besides the orders of the CIT(A) and AOs in respect of their IT returns.

(2.) Except variation in amounts, the issues involved in the appeals, being identical, these were heard together, finding that the case projected by the Appellants involved substantial questions of law.

(3.) The issues that arise for determination in the appeals, are these: