COMNR.OF INCOME TAX vs. NEELACHAL ISPAT NIGA

Appeals are dismissed

Bench: DR. JUSTICE S. MURALIDHAR (CJ),MR. JUSTICE R.K.PATTANAIK

10. Mr. Nageshwar Rao, learned Counsel appearing for the appellant places strong reliance on the judgment of the Supreme Court in the case of COMMISSIONER OF INCOME TAX –vs- SMIFS SECURITIES LTD rendered on 22nd August, 2012 in Civil Appeal No. 5961/2012 arising out of SLP (C) No. 35600/2009. Submission placed on this decision is that a goodwill is held

NALCO vs. COMNR.OF INCOME TAX

Bench: : The Hon’Ble Justice Surya Prakash Kesarwani & The Hon’Ble Justice Rajarshi Bharadwaj Date : 16Th January, 2024 Appearance : Sri Vipul Kundalia, Adv. Smt. Oindrilla Ghosal, Adv. ...For The Appellant. Sri J.P. Khaitan, Sr. Adv. Sri Sanjoy Bhaumik, Adv. Smt. Swapna Das, Adv. ...For The Respondent. 1. Heard Sri Vipul Kundalia, Learned Senior Standing Counsel For The Appellant/Revenue & Sri J.P. Khaitan, Learned Senior Advocate Assisted By Sri Sanjoy Bhaumik & Smt. Swapna Das, Learned Advocates For The Respondent/Assessee. 2. This Appeal Was Admitted By This Court By An Order Dated 30.11.2012 On The Following Substantial Questions Of Law: “1) Whether In View Of The Facts & Circumstances Of The Instant Case The Tribunal Erred By Not Considering That Subsides Which May Be Used Freely

10. In view of the aforesaid, the substantial question of law no.2 is answered in favour of the assessee and against the revenue. To this extent, the appeal of the revenue deserves to be dismissed. Substantial Question of Law Nos.3 & 4 11. These two substantial questions of law are inter- connected. Briefly stated facts having bearing on the substantial question