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2016 (8) TMI 963 - BOMBAY HIGH COURT

2016 (8) TMI 963 - BOMBAY HIGH COURT - TMI - Allowance of Broken Period Expenses - Held that:- It is an agreed position between parties that the decision of this Court in American Express International Banking Corporation vs. C.I.T. [2002 (9) TMI 96 - BOMBAY High Court ]covers the issue raised herein. Tribunal was right in law in allowing the Broken Period Expenses. - Expenditure incurred for payment to Educational Institutions for reservation of seats to its officers - whether an allowable .....

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- Accrual of income - whether the Tribunal was right in law in accepting the plea of the assessee that the interest income on the securities has to be taxed on the due basis only, instead of accrual basis as per the mercantile system of accounting followed by the assessee? - Held that:- As agreed position between parties that the issue arising here in stand concluded against revenue and in favour of the respondent assessee by the decision of this Court in Director of Income Tax (Internationa .....

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pellant Mr. Atul Jasani for the Respondent ORDER P. C. 1. This Appeal under Section 260-A of the Income Tax Act, 1961 (for short 'the Act') challenges the order dated 26th July, 2013 passed by the Income Tax Appellate Tribunal (for short 'the Tribunal). The impugned order is in respect of Assessment Year 1996-97. 2. This appeal raises the following four question of law for our consideration :- (a) Whether, on the facts and in the circumstance of the case, the Tribunal was right in la .....

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o Educational Institutions for reservation of seats to its officers as allowable expenditure u/s. 37(1) of the Income Tax Act, 1961, even though the same was not related to the business activity of the assessee ? (c) Whether on the facts and in the circumstances of the case, the Tribunal was right in law in accepting the plea of the assessee that the interest income of ₹ 38.24 Crores on the securities has to be taxed on the due basis only, instead of accrual basis as per the mercantile sys .....

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he issue raised herein. (ii) In view of the above, question(a) as formulated does not give rise to any substantial question of law. Therefore not entertained. 4. Re:-Question (b) : (i) The impugned order of the Tribunal has allowed an amount of ₹ 100.55 lacs being expenditure incurred under the head of Staff Welfare Expenditure under Section 37(1) of the Act. This payment was made by the respondent assessee to certain Schools for reservation of seats for children of its officers when they .....

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