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2016 (4) TMI 1387 - HC - Income TaxAllowable business expenditure - share issue expenses incurred or raising capital for purchase of plant and machinery, purchase of consumables like diesel, oil and coal, deduction u/s 80M on the entire dividend income received, payments made to Glaxo Sports Club do not fall within the purview of Section 40A(9),Head Office Administrative Expenses and interest cost be not allocated to the Nasik Units for computing the quantum of deduction under Section 80I/80IA for the Nasik Units and disallowances made by him as part of profit of eligible unit on proportionate basis for the purpose of deduction u/s 80IB and 80IB - HELD THAT:- This Court dismissed the Revenue's appeal in [2013 (2) TMI 789 - BOMBAY HIGH COURT] - The questions raised therein were identical to question arrived herein. No distinguishing features have been shown to us for the subject assessment year from that existing for the A.Y. 199596. In the above view, question nos. (1), (2), (5), (6), (7) and (8) do not give rise to any substantial question of law. Thus, not entertained. Interest on DPEA liability allowed as expenditure on year to year basis - whether interest liability was neither claimed as deduction in the return of income nor claimed as expenses in its books of account and at the best was treated as liability in the nature of contingent liability which had neither accrued nor arisen? - HELD THAT:- Revenue had filed an appeal from the order of the Tribunal for A.Y. 1996-97 on an identical question this Court dismissed the Revenue's appeal. Advance license receivable by the assessee - Whether is to be taxed in the year in which the benefits actually accrue after the imports are effected and not in the year in which the licence is granted to the licencee / assessee? - HELD THAT:- Issue raised herein stands concluded against the Revenue by the decision of the Apex Court in Commissioner of Income Tax Vs. Excel Industries Ltd. [2013 (10) TMI 324 - SUPREME COURT]. No distinguishing features are urged before us to warrant our taking a different view from that taken in Excel India Ltd. (supra). Disallowances as part of profit of eligible unit on proportionate basis for the purpose of deduction u/s 80IB and 80IB - whether deduction u/s 80IB of the Act cannot be allowed more than what was claimed by the assessee? - HELD THAT:- Question arising herein stands concluded against the Revenue the the decision of this Court in Associated Capsules (P) Ltd. Vs. Commissioner of Income Tax [2011 (1) TMI 787 - BOMBAY HIGH COURT]. No distinguishing features have been pointed out in respect of the present assessee which would warrant taking a different view
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