Supreme Court · 2009 INSC 1246 · Decided 19 November 2009
M/S. Mepco Industries LTD. Madurai v. Commissioner of Income Tax & ANR.
- Court
- Supreme Court of India
- Citation
- 2009 INSC 1246 · [2009] 15 S.C.R. 1026
- Case number
- CIVIL APPEAL No. 7662/2009
- Decided
- 19 November 2009
- Bench
- S.H. KAPADIA, H.L. DATTU, DEEPAK VERMA (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 154, 264
Headnote
Income Tax Act, 1961 - s. 154 - Rectification of mistake under - Assessee received power subsidy for two years - Assessee's case that subsidy amount a capital receipt, hence C not liable to be taxed - Revision petitions allowed by CIT~ Subsequently, rectification by CIT holding that receipt of subsidies, a revenue receipt - Order upheld by Single Judge and Division Bench of High Court - On appeal, held: Instant case involves change 9f opinion - No 'rectifiable D mistake' existed to enable the Department to invokes. 154 - Government grants different types
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