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2018 (8) TMI 848 - AT - Income TaxDisallowance of pooja / function expenses - Held that:- this is a recurring dispute between the assessee and the Department from past several assessment years and the Tribunal has decided this issue in favour of the assessee in all the preceding assessment years. - Claim of expenditure allowed - Decided in favor of assessee. Deduction of exemptions paid towards consultancy charges for advise on civil construction - Held that:- This is a recurring dispute between the assessee and the Department for the past several years and the Tribunal has consistently decided the issue in favour of the assessee beginning from the assessment year 1995–96 to assessment year 2001–02. - Decided in favor of assessee. Valuation of stock - disallowance of un-utilized MODVAT credit under the provisions of section 145A of the Act - Held that:- MODVAT credit of Excise Duty is not includible as unutilized MODVAT credit on the last day of the accounting year - No additions - Decided in favor of assessee Nature of sales tax incentive received - the assessee itself has treated the Sales Tax incentive received by it as revenue in nature by including it in the sales as reflected in the books of account and audited financial statements. It is only at the second appellate stage before the Tribunal the assessee has claimed the Sales Tax incentives received by it as capital in nature by raising the additional grounds. - Held that:- the additional grounds raised by the assessee have to be admitted. Accordingly, we do so. However, it is a fact on record, the issues raised in the additional grounds were never raised by the assessee in course of proceedings before the Departmental Authorities. - Matter remanded back to the AO for reconsideration of the issue. Nature of expenses incurred for issue of foreign currency bonds - assessee has claimed deduction under section 35D - Held that:- It is a fact on record that the assessee is claiming deduction under section 35D of the Act @ 1/5th of the total expenditure incurred. Therefore, when a part of the expenditure has been accepted by the Department in assessment year 2001–02, it cannot be disallowed in the impugned assessment year.
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