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2012 (9) TMI 332 - HC - Income TaxDisallowance of expenditure in connection with VRS - Held that:- this question of fact viz. whether the payments had been made under the Voluntary Retirement Scheme had been raised unnecessarily by the Commissioner of Income Tax (Appeals). The Assessing Officer had not disallowed the same on this ground. - even assuming that the appellant is entitled to raise this issue in appeal, it would not raise a substantial question of law. MAT - book adjustment - ITAT hold that the extraordinary items in the form of Rs.30 crores representing profit on transfer of land for development and Rs. 73 crores representing reversal of provisions for construction cost credited by the assessee in its accounts should be excluded from the net profit as per books which is computed as per Part II and Part III of Schedule VI to Companies Act on the ground that no income can be included in the “book profit” under section 115JA based on mere book entries? - Decision of ITAT sustained. VRS payment of Rs.27.92 crores, made to workers for closure of factory - It is pertinent to note that before the Tribunal, the appellant had not contended that the decision of this Court in the matter of Commissioner of Income-Tax Versus Bhor Industries Ltd.( 2003 (2) TMI 20 - BOMBAY HIGH COURT) is inapplicable to the present facts in fact, in it's appeal to the Tribunal the appellant-Revenue had urged that Bhor Industries is inapplicable only because the decision has not been accepted by the Department. Therefore, it is not open to urge a new ground or facts in third appeal.
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