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2015 (12) TMI 1787 - HC - Income TaxInterest paid on borrowings disallowance - HELD THAT:- This question stands concluded against the revenue as decided in earlier AY 1999-00 Treatment to sales tax incentive subsidy - revenue or capital subsidy - HELD THAT:- As the entire issue for the A.Y.2000-01 is still at large to be decided by the Assessing Officer consequent to the impugned order of the Tribunal the question as proposed does not give rise to any substantial question of law. Hence not entertained. Transfer to Debenture Redemption Reserve to be excluded in computing book profits u/s 115JA - MAT - HELD THAT:- Issue covered against the revenue by the decision of this Court in CIT vs Raymond Ltd [2012 (4) TMI 127 - BOMBAY HIGH COURT]. In the above view, the question as proposed does not give rise to any substantial question of law Allowability of sum paid by the Assessee Company to Himachal Pradesh State Electricity Board for setting up of Kangoo Power Sub-station - HELD THAT:- The revenue having accepted the decision of the Tribunal for assessment year 1999-00 on this issue by not having challenged the same, cannot now challenge the impugned order in the absence of any specific ground being made out justifying challenging the impugned order on this issue, when it is accepted for A.Y.1999-00. Accordingly, question G does not give rise to any substantial question of law. Claim of expenditure in respect of temporary structures - revenue or capital expenditure - HELD THAT:- We find that both the CIT (A) as well as the Tribunal have rendered a finding of fact that the structure was constructed at the client's site and was temporary in nature. Further they have also rendered a finding that the temporary structure is necessary for the purpose of carrying out its business more efficiently and would be considered being an integral part of its profit earning process. Thus there is no advantage of enduring nature. Expenditure incurred on construction of stadium - HELD THAT:- We find that the test of allowing such expenditure as laid down by the Supreme Court in SRI VENKATA SATYANARAYANA RICE MILL CONTRACTORS VS. CIT [1996 (10) TMI 2 - SUPREME COURT] that where the payment is out of commercial expediency and above board such expenses are to be considered to have been incurred in the course of business. Therefore allowable as an expenditure under Section 37 (1) of the Act as allowing an expenditure of commercial expediency and not whether it is compulsory or voluntary. On application of the above test, the view taken by the impugned order of the Tribunal is a possible view. Appeal admitted on Questions nos. A, B and E.
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