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2018 (5) TMI 637 - HC - Income TaxMAT - making adjustments for working the book profit u/s 115JB by adding the Advance Against Depreciation (AAD) to the book profit? - Held that:- We are of the considered view, which fact is not disputed, that the same are squarely covered by the judgment in National Hydroelectric Power Corporation Ltd. vs. Commissioner of Income Tax(2010 (1) TMI 281 - SUPREME COURT) as held AAD was an income received in advance. It was a timing difference. Therefore, clause (b) of Explanation 1 to section 115JB (2) of the act was not applicable to AAD. Provision for leave encashment - whether is an ascertained liability and hence not to be included to book profit? - Held that:- The matter is squarely covered by the judgment rendered in Commissioner, Income tax vs. H.P. Tourism Development Corporation Ltd. [2013 (6) TMI 97 - HIMACHAL PRADESH HIGH COURT] as held that the provision for meeting the liability for encashment of earned leave by the employee is an admissible deduction. Eligibility to claim deduction u/s 80IA - excess provisions for bonus and sundry balance written back treated as income derived from the eligible business of generation of power - Held that:- No substantial question of law arise for consideration for the reason that the matter has been remanded back by the appellate authority to the Assessing Officer. As such, as mutually agreed on this limited question, the matter be considered by the appropriate authority now dealing with the issue pursuant to an order of remand. Allowance of deduction u/s 80IA - treating the interest income earned by the assessee from HPSEB as income from generation of power and hence eligible income - Held that:- The matter is squarely covered by the judgment rendered in Commissioner of Income tax vs. Jai Prakash Hydro Power Ventures Ltd. [2017 (5) TMI 1560 - ALLAHABAD HIGH COURT]
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