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GEORGE MATHAN, DEEPAK R.SHAH
Purolator India Ltd. – Appellant
Versus
Deputy Commissioner of Income-tax – Respondent
Deepak R. Shah, Accountant Member - Both appeals by the assessee are directed against two different orders of the Commissioner of Income- tax (Appeals)-XVII/X, New Delhi, dated October 14, 2004 for the assessment year 2001-02 and March 23, 2006 for the assessment year 2002-03 in appeals against the assessments framed under section 143(3) of the Income-tax Act, 1961 (the Act). Since common issues are involved in both appeals, they are taken together and are being disposed of by this common order for the sake of convenience.
I. T. A. No. 5685/Del/2004: (assessment year 2001-02)
2. The first issue raised in grounds Nos. 1.0 to 1.4 in appeal for the assessment year 2001-02 is against the confirmation of the action of the Assessing Officer in assessing Rs. 2,21,53,135 credited in the books of account being duty entitlement pass book (DEPB) received or receivable as income chargeable to tax under section 28(iv) without appreciating the fact that the export incentive granted by way of DEPB constituted capital receipt and it was only a notional sum/income. The learned Commissioner of Income-tax (Appeals) also erred in upholding the reduction of 90 per cent, of the receipt on account of
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