TMI Blog2012 (12) TMI 984X X X X Extracts X X X X X X X X Extracts X X X X ..... inion that interest earned was inextricably linked with requirement of company to raise share capital and was thus adjustable towards the expenditures involved for the share issue - Decided against revenue Disallowance u/s.35D - Tribunal remanded the issue for fresh consideration - Held that:- Revenue rightly pointed out that the Tribunal remanded the issue for fresh consideration erroneously relying on a remand order passed in Mandvi Mercantile Co Op Bank Ltd. case [2005 (12) TMI 554 - GUJARAT HIGH COURT] for the assessment year 2001-02. She pointed out that such issue had reached the Tribunal after a round of remand and full consideration by the Assessing Officer and CIT(Appeals). The Tribunal was, therefore, required to examine the i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st income from share application money against public issue expenses? B. Whether the Appellate Tribunal has substantially erred in setting aside the issue of disallowance u/s.35D of the Act? C. Whether the Appellate Tribunal has substantially erred in directing to allow the deduction u/s 80IA of the Act on income on account of Exchange rate fluctuation, Excise credit, Kasar/vatav and Excess provision written back of bonus? D. Whether the Appellate Tribunal has substantially erred ion setting aside the issue of disallowance out of shares and debentures issue expenses? 2. Considering the issues involved, we have heard learned counsel Ms. Sheth for the Revenue and Senior advocate Shri Soparkar with Shri Bandish Soparkar for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion erroneously relying on a remand order passed in Tax Appeal No. 667/05 for the assessment year 2001-02. She pointed out that such issue had reached the Tribunal after a round of remand and full consideration by the Assessing Officer and CIT(Appeals). The Tribunal was, therefore, required to examine the issue on merits and give its decision. Such issue, therefore, shall have to be placed back before the Tribunal for consideration on merits. 6. With respect to question 'C', we are of the opinion that the Tribunal has granted certain benefits as claimed by the assessee for deduction under section 80IA of the Act without full discussion. These issues are also placed back before the Tribunal for consideration on merits and disposal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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