Dismissing the appeal of the revenue the Court held that since the time to file the revised return had lapsed, for claiming that the incentive subsidies be treated as capital receipts instead of revenue receipts as claimed in the return following the decision in CIT v. Britannia Industries Ltd. (2007) 386 ITR 677 (Cal), Tribunal is justified in allowing the claim though no revised return under S.139(5) was filed before the AO. (AY. 2010-11)
PCIT v. Ankit Metal and Power Ltd. (2019) 416 ITR 591/ 182 DTR 333/ 266 Taxman 237/ 311 CTR 369 (Cal.) (HC)
S. 254(1) : Appellate Tribunal-Powers-Claim for deduction which is not made in return or revised return-Tribunal has power to allow deduction.[S. 139(1), 139(5)]