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2015 (10) TMI 1457 - AT - Income TaxDisallowance of proportionate amount of premium paid on redemption of non-convertible debentures - Held that:- This issue is decided by the Tribunal in assessee’s own case in A.Y. 1992-93 following the decision of the Hon’ble Supreme Court in the case of Madras Industrial Investment Corpn. Ltd. [1997 (4) TMI 5 - SUPREME Court] allowed proportionate claim of the premium payable on the debentures to be spread over to the period of debenture. Respectfully following the findings of the Tribunal in assessee’s own case, we direct the AO to allow proportionate claim of the premium payable in line with the findings of A.Y. 1992-93. - Decided in favour of assessee Disallowance of depreciation on the written down value of foreign visitors’ expenditure - Held that:- This issue has been decided by the Tribunal in assessee’s own case in A.Y. 1992-93 wherein the Tribunal has held that the expenditure incurred on foreign visitors form part of the cost of the project therefore would be eligible for depreciation as per Sec. 32 of the Act. - Decided in favour of assessee Taxability of Receipt of non compete fees - Held that:- Once the Tribunal has accepted that the total sale consideration is inclusive of non-compete fees and once the Tribunal has decided the issue on a total consideration treating it as a slum sale, the issue relating to non-compete fees became infructuous and should have been treated as otiose - Decided in favour of assessee Disallowance of VRS expenses - Tribunal has set aside the matter only with a direction to see that the amount claimed is as per actuarial valuation certificates - Held that:- After giving a thoughtful consideration, we find force in the contention of the Ld. Senior Counsel. In the assessment year 1993-94, the Tribunal has restored the issue with a direction to see that the amount claimed is as per actuarial valuation certificate. However, during the year under consideration, the liability for payment of pension is only incremental liability and there is no need for verification by actuarial valuation certificate. To this extent, we modify the findings of the Tribunal.- Decided in favour of assessee
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