Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (4) TMI 1288 - BOMBAY HIGH COURTDeduction of amortized expenses - HELD THAT:- Appeal admitted on following substantial questions of law: (i) Whether on the facts and in the circumstances of the case and in law the Hon'ble Tribunal was justified in holding that the amortized amount of the premium on investments cannot be added back to the balance of the profits as there is no specific prohibition against the allowance of such expenditure under Sections 30 to 43B of the Income Tax Act, 1961 even though such expenditure is to be added back in terms of Clause 5(a) of the First Schedule of the Income Tax Act, 1961? (ii) Whether on the facts and in the circumstances of the case and in law the Hon'ble Tribunal was justified in holding that the amortized amount of the premium on investments, which is not admissible under Sections 30 to 43B of the Income Tax Act and is required to be added back as per the provisions of Clause 5(a) of the First Schedule of the Income Tax Act, cannot be allowed to be added back to the balance of profits as there is no specific prohibition against the allowance of such expenditure under sections 30 to 43B of the Income Tax Act, 1961? (iii) Whether on the facts and in the circumstances of the case and in law the Hon'ble Tribunal was justified in holding that the preoperative expenses amounting to Rs.1,40,30,352/- can be amortized and claimed over a period of several years when there is no provision under the Income Tax Act to admit such an allowance? (iv) Whether on the facts and in the circumstances of the case and in law the Hon'ble Tribunal was justified in holding that the preoperative amortized expenses can be claimed as a deduction in a previous year in which it has not been incurred? (v) Whether on the facts and in the circumstances of the case and in law the Hon'ble Tribunal was justified in holding that profit of Rs.47,45,859/- on sale of investments is exempt in view of the CBDT Circular No.528 dated 16.12.1988 even though the said circular was for General Insurance Corporation of India and its subsidiaries which are wholly owned enterprises of the Union of India?
|