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2016 (10) TMI 413 - BOMBAY HIGH COURT

2016 (10) TMI 413 - BOMBAY HIGH COURT - TMI - Allowability of share issue expenses incurred - whether expenses incurred are for raising capital for purchase of plant and machinery should be capitalized and depreciation be allowed on the same - Held that:- The issues raised herein stand concluded against the Revenue by order of this Court in The Commissioner of Income Tax VI Versus M/s. Glaxo India Ltd. [2013 (2) TMI 789 - BOMBAY HIGH COURT] - Accrual of Income - Advance license receivable - .....

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ntitled to the benefits under the advance licences as well as under the duty entitlement pass book, there was no corresponding liability on the customs authorities to pass on the benefit of duty free imports to the assessee until the goods are actually imported and made available for clearance. The benefits represent, at best, a hypothetical income which may or may not materialise and its money value is therefore not the income of the assessee. - Disallowance of penalty paid to Central Exci .....

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r the respondent ORDER P. C. 1. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 12th June, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 1998-99. (i) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in holding that the share issue expenses incurred or raising capital for purchase of plant and machinery should be capitalized and dep .....

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ense receivable by the assessee is to be taxed in the year in which the benefits actually accrue after the imports are effected and not in the year in which the licence is granted tot he licensee/assessee? (iv) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified 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 was neither claimed as deduction .....

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aw? (vi) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in holding that no expenditure was involved in earning dividend and directing to allow deduction u/s 80M on the entire dividend income received, without appreciating the fact that deduction u/s 80M is to be allowed on net dividend only? (vii) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in holding that no expenditure was involved in earning .....

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b do not fall within the purview of Section 40A(9) of the Income Tax Act? (ix) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in directing the Assessing Officer to consider the disallowance made by him as part of profit of eligible unit on proportionate basis for the purpose of deduction u/s 80I and 80IA of the Income Tax Act, 1961 without appreciating the fact that deduction u/s 80I and 80IA of the Act cannot be allowed more than what was claime .....

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(xi) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in directing the Assessing Officer that entire Head Office Administrative expenses and interest cost be not allocated tot he Nasik Units for computing the quantum of deduction under Section 80I / 80IA for the Nasik Unit? 2. Re. question nos. (i). (ii), (vi), (vii), (viii), (ix), (x) and (xi): (a) Mr. Suresh Kumar learned Counsel appearing for the appellant Revenue very fairly states that the is .....

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