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The Commissioner of Income Tax VI Versus M/s. Glaxo India Ltd.

INCOME TAX APPEAL NO.6203 OF 2010 - Dated:- 25-2-2013 - J.P.DEVADHAR & M.S.SANKLECHA,JJ. Mr. Suresh Kumar, for the Appellant. Mr. Tejas Shah i/b. M. M. Legal Ventures, for the Respondent. JUDGEMENT In this Appeal for the Assessment Year 199596 by the Revenue, following questions are raised for our consideration: (a) Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in not sustaining the finding of the CIT(A) in upholding the disallowances made by th .....

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facts and in the circumstances of the case, the Tribunal was justified in law in deleting the addition of ₹ 4,27,07,623/in respect of excise duty paid on the finished goods lying in the closing stock? (d) Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that Share Dilution expenses incurred for rising capital for purchase of Plant & Machinery should be capitalized and the depreciation be allowed on the same? (e) Whether on the fac .....

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g to the respective units at Nasik & in prorating and adding to the profits of the respective units, the disallowances effected in computing the total income for computation of deduction u/s. 80I 80 IA of the Income Tax Act? (g) Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the interest on DPEA liability is to be allowed as expenditure on year to year basis without appreciating the fact that the interest liability as contingent i .....

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al gain on the sale of family products division (FPD) & also in holding that no cost of acquisition has been incurred by the assessee on transferred capital asset in question even though the cost of acquisition in respect of the said land at Aligarh was to taken at Rs. Nil or fair market value of this land as on 1st day of April, 1981 at the option of the assessee as per provisions of the section 55(2)(b)(2) of the Income Tax Act? (i) Whether on the facts and in the circumstances of the case .....

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t no expenditure was involved in earning dividend and directing to allow deduction u /s. 80M on the entire dividend income received? (k) Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in upholding the order of the CIT(A) in holding that payment made to Glaxo Sports Club do not fall within the purview of section 40A(9) of the Income Tax Act? (l) Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in upholding t .....

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enue receipt u/s 29(va) and/or section 55(2)(a) of the Income Tax Act? 2 So far as Question (a) is concerned, Counsel for the parties state that by the impugned order, the Tribunal has allowed the Respondent Assessee's claim by following its order for the Assessment Year 199091 (being Income Tax Appeal No.4494/M/99 dated 28th July, 2008). The Counsel for the Revenue states that the order of the Tribunal for the Assessment Year 199495 has been accepted by the Revenue. In view of the above, we .....

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tain Question (b). 4 So far as Question (c) is concerned, the Tribunal has relied upon its order in the RespondentAssessee's own case for the Assessment Year 1994-95 (being Income Tax Appeal No.4494/M/99 dated 28th July, 2008). The Counsel for the Revenue states that the order of the Tribunal for the Assessment Year 199495 has been accepted by the Revenue. In view of the above, we see no reason to entertain Question (c). 5 So far as Question (d) is concerned, the Tribunal by its impugned ord .....

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d question as framed in Income Tax Appeal No.972 of 2009 for the Assessment Year 1986-87. In view of the above, we see no reason to entertain Question (d). 6 So far as Question (e) is concerned, the Tribunal follows its order in the Respondent Assessee's own case for the Assessment Year 1994-95 (being Income Tax Appeal No.4494/M/99 dated 28th July, 2008). The Counsel for the Revenue informed us that the order of the Tribunal for the Assessment Year 1994-95 has been accepted by the Revenue. I .....

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n (f). 8 So far as Question (g) is concerned, the Counsel for the Revenue pointed out that an identical issue was raised by the Revenue in respect of Respondent Assessee's own case in this Court being Income Tax Appeal No.972 of 2009. This Court by an order dated 5th March, 2012 refused to entertain the identical question as framed herein above. In the circumstances, we see no reason to entertain Question (g). 9 So far as Questions (h) and (i) are concerned, question (i) is a mere facet of q .....

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0B of the Income Tax, 1961 w.e.f. 1st April, 2000, no capital gain could be said to arise in case of slump sale. In view of the above, we see no reason to entertain Questions (h) and (i). 10 So far as Question (j) is concerned, we find that by the impugned order, the Tribunal has upheld the order of CIT(A) by relying upon its order in Respondent Assessee's own case for the Assessment Year 1994-95 (being Income Tax Appeal No.4494/M/99 dated 28th July, 2008). We are informed that the order of .....

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