Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2016 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (7) TMI 1646 - HC - Income TaxDeduction u/s 80- IA(4) for generating power for captive consumption - HELD THAT:- This will be governed by the answer in question (C) in Commissioner of Income-tax v. Alembic Limited [2016 (7) TMI 1239 - GUJARAT HIGH COURT] where we decided the issue in favour of the assessee and against the revenue. In that view of the matter, we answer the question in favour of the assessee and against the revenue. Withdrawal from the revaluation reserve from the book profit under section 115JB - HELD THAT:- Since this question is covered by the decision of this court in [2008 (8) TMI 1009 - GUJARAT HIGH COURT] in the case of Commissioner of Income-tax-I v. Alembic Glass Industries Limited decided on 11.8.2008 where following the decision in [2008 (8) TMI 1010 - GUJARAT HIGH COURT], the question is answered in favour of the assessee, we answer this question in favour of the assessee and against the revenue. Deduction of claim of interest payable to ONGC - Whether during the year assessee has not paid any amount towards this liability?” - HELD THAT:- This court in [2011 (5) TMI 816 - GUJARAT HIGH COURT] the case of Commissioner of Income-tax v. Alembic Glass Industries Limited as held a settled law is if a business liability has definitely arisen in the accounting year, the deduction should be allowed although the liability may have to be quantified and discharged at a future date. What should be certain is the incurring of the liability. It should be capable of being estimated with reasonable certainty though the actual quantification may not be possible. If these requirements are satisfied the liability is not a contingent one. The liability is in praesenti though it will be discharged at a future date. It does not make any difference if the future date on which the liability shall have to be discharged is not certain.where this court held in favour of the assessee and against the revenue
|