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2015 (11) TMI 1379 - BOMBAY HIGH COURT

2015 (11) TMI 1379 - BOMBAY HIGH COURT - TMI - Advance Licence Benefit Receivable - whether taxable in the year under consideration ? - Held that:- The issue raised herein stands concluded in favour of the appellant-assesee by virtue of the decision of the Supreme Court rendered in The Commissioner of Income Tax vs. M/s Excel Industries Ltd reported in (2013 (10) TMI 324 - SUPREME COURT). Accordingly, the Question as framed is answered in negative in favour of the appellant-assesee and against t .....

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wing the decision of the Gujarat High Court in the respondent-assessee's own case [2014 (11) TMI 940 - GUJARAT HIGH COURT ] the substantial question stands answered in the negative i.e.in favour of the appellant- assessee and against the revenue - Income Tax Appeal No. 1866 of 2013 - Dated:- 29-10-2015 - M. S. Sanklecha And G. S. Kulkarni, JJ. For the Appellant : Ms. Vasanti Patel Adv. For the Respondent : Mrs. S. V. Bharucha Adv. JUDGMENT P.C. 1. This Appeal under section 260A of the Income Tax .....

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en though the said income has accrued to the Appellant in the subsequent years ? 2. Whether in the facts and circumstances of the case the Tribunal was right in law in holding that depreciation allowed, whether claimed or not on notional basis is required to be reduced from the profit of eligible industrial undertakings for the purpose of computing deduction u/s 801 and 801A of the Act inspite of the fact that the new scheme of depreciation of block of assets does not provide for computation of .....

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4. Regarding Question no.1 learned counsel for the parties are agreed that the issue raised herein stands concluded in favour of the appellant-assesee by virtue of the decision of the Supreme Court rendered in The Commissioner of Income Tax vs. M/s Excel Industries Ltd reported in (2013) 358 ITR 295. Accordingly, the Question as framed is answered in negative in favour of the appellant-assesee and against the revenue. 5. Regarding Question no.2, Ms.Vasanti Patel learned counsel appearing for th .....

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