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2016 (8) TMI 963 - HC - Income TaxAllowance of Broken Period Expenses - Held that:- It is an agreed position between parties that the decision of this Court in American Express International Banking Corporation vs. C.I.T. [2002 (9) TMI 96 - BOMBAY High Court ]covers the issue raised herein. Tribunal was right in law in allowing the Broken Period Expenses. Expenditure incurred for payment to Educational Institutions for reservation of seats to its officers - whether an allowable expenditure u/s. 37(1) - Held that:- We find that the issue raised herein is identical to the one which was subject matter of consideration by this Court in Mahindra and Mahindra Ltd vs. CIT [2003 (1) TMI 71 - BOMBAY High Court ] wherein payments were made to a schools where the children of its employees studied. This payment was allowed as being incurred predominantly for staff welfare and consequently expenditure incurred in running of the business. Therefore allowable as business expenditure Accrual of income - whether the Tribunal was right in law in accepting the plea of the assessee that the interest income on the securities has to be taxed on the due basis only, instead of accrual basis as per the mercantile system of accounting followed by the assessee? - Held that:- As agreed position between parties that the issue arising here in stand concluded against revenue and in favour of the respondent assessee by the decision of this Court in Director of Income Tax (International Taxation) vs. Credit Suisse First Boston (Cyprus) Ltd [2012 (8) TMI 17 - BOMBAY HIGH COURT ] Allowance of loss on revaluation of permanent category investments - Held that:- The issue raised herein stands concluded against revenue and in favour of the respondent assessee by the order of this Court in CIT vs. Union Bank of India [2016 (2) TMI 606 - BOMBAY HIGH COURT]
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