TMI Blog2017 (9) TMI 1527X X X X Extracts X X X X X X X X Extracts X X X X ..... ng to VRS scheme is available as revenue expenses. No substantial question of law. - Income Tax Appeal No. 1746 of 2014 - - - Dated:- 12-7-2017 - S. V. Gangapurwala And A. M. Badar, JJ. For the Appellant : Arvind Pinto, Advocate For the Respondent : Sanjiv M. Shah, Advocate JUDGMENT 1. The present appeal pertains to the assessment year 2000-01. The Revenue has filed the appeal raising the following grounds : (a) Whether in the facts and circumstances of the case, the Income-tax Appellate Tribunal is justified in deleting the disallowance made under section 14A of the Act without appreciating the fact that the assessee-company has not proved that the entire interest bearing funds were wholly and exclusively for its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ose ? (e) Whether in the facts and circumstances of the case, the Income- tax Appellate Tribunal has erred in holding that the assessee is entitled to expenditure incurred on voluntary retirement scheme (VRS) by relying on the order of the Supreme Court in the case of K. Ravindranathan Nair (supra) and on the decision of the Bombay High Court in the case of Foseco India Limited (supra) when facts of these cases are not identical to the facts of the present case ? (f) Whether in the facts and circumstances of the case, the Income- tax Appellate Tribunal has erred in holding that VRS expenses are incurred for the purpose of business ignoring decisions of the Supreme Court in the case of CIT v. Gemini and on the decision of the Madra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ITR 320 (Bom), so also the judgment of the apex court in the case of K. Ravindranathan Nair v. CIT reported in [2001] 247 ITR 178 (SC). 4. We have perused the order passed by the Tribunal, so also have considered the submissions canvassed by the learned counsel for the respective parties. 5. As far as disallowance under section 14A of the Act is concerned, the question does not subsist as in the assessee's own case for the previous assessment year, the said aspect has been considered in favour of the assessee and the said order has become final. As far as the expenses of VRS scheme is concerned, it has been held on fact by the Tribunal that the business of the assessee has not closed down and the same is continuing. This court in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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