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2019 (3) TMI 364 - HC - Income TaxADMIT following substantial questions of law arise for consideration: “[A] Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was justified in confirming the order of Commissioner (Appeals) in allowing interest expenses of ₹ 22,75,11,447/- on Deep Discount Bonds (DDBs)? [B] Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was justified in confirming the order of Commissioner (Appeals) in allowing deduction of ₹ 95,98,355/- under section 80IA of the Income Tax Act, 1961 on wind farm division’s captive power plant? [C] Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was justified in allowing carry forward of unabsorbed depreciation of ₹ 217,04,95,567/- of demerged entities, viz., M/s Nirma Limited? [D] Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was justified in holding that the Assessing Officer had not fulfilled pre-requirement of invoking provisions of Explanation (3) to sub-section (1) of section 43 of the Income Tax Act, 1961, and thereby, allowing claim of depreciation on full written down value of ₹ 2,49,07,23,831/- on intangible assets worth rupees five hundred crores of M/s Nirma Industries?”
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