Sinking fund contribution for Replacement / Repair of Fixed Assets is capital receipt

It has been contended by the ld. counsel of the assessee that the Ld. Commissioner of Income Tax (Appeals) has erred in treating Rs. 35,49,091/- as revenue receipt being the amount received from the flat owners and / or tenants for replacement of capital assets and shown as sinking fund in accounts which was considered and treated as capital receipt by the assessee since its inception and the same was duly accepted by the Assessing Officer in the earlier assessments. Ld. counsel of the assessee further contended that as per contract with the owners/ tenants of ‘Narain Manzil’ assessee is r...