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2018 (5) TMI 355 - HC - Income TaxInterpretation of Section 32(1)(iia) - Revised return - assessee withdrew the claim of additional depreciation - deduction claim under Section 80IB from ₹2042.81 crore shot up to ₹2579.07 crore - Held that:- Plain text of the explanation leaves no room for admitting the interpretive gloss that the assessee wishes to place over it. There can be a multitude of circumstances where, but for the provision, the incentive, available to all those for whom the benefit of additional depreciation was intended, could have been deprived of it. Undoubtedly, the amount of the assessee’s claim for Section 80IB deduction increased, when it sought to withdraw the additional depreciation claim. However, that single circumstance should not influence this court to ignore the plain intendment of the statute, since Parliament clearly stated that the provisions of “this sub-section” would apply, “whether or not the assessee has claimed the deduction in respect of depreciation in computing his total income”. This court cannot re-write the statute, as is sought to be urged. For these reasons, the Court is of the opinion that no question of law arises on this aspect. Investment in redeemable preference shares as treated as international transaction and subjected to adjustment - Held that:- Tribunal need not have felt constrained by the pendency of appeal (for another year before the CIT (A)) and could have proceeded to decide the issue on merits since it did not involve elaborate fact finding. As the highest appellate authority, it has jurisdiction in its own right to decide such question. Accordingly, the direction of remand is hereby modified; the Tribunal shall decide this issue in accordance with law, after hearing parties afresh. It is clarified that the Tribunal does not need to await the decision of CIT(A) in regard to AY 2010-11 on this issue. The parties are directed to be present before the Tribunal further to the limited remand on 09.05.2018 for decision on the last question.
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