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TMI Blog2015 (11) TMI 1741X X X X Extracts X X X X X X X X Extracts X X X X ..... receipt and not chargeable to tax without appreciating the fact that the same is being revenue in nature and SLP has been filed before the Hon'ble Supreme Court against the High Court order? 2 Whether on the facts and in the circumstances of the case and in law the Ld. CIT(A) is right in deleting disallowance of premium payable on issue of Zero Coupon Convertible Bonds of Rs. 14,38,61,972/- without appreciating the fact that the same does not relate to the expenditure. Since it is not at all payable by the assessee on ZCCB, after the maturity of the bonds, the assessee is required to issue shares to the bond holders and not the amount invested with premium? 3 Whether on the facts and in the circumstances of the case and in law the Ld. CI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns of the learned counsel of the assesse in this regard which explains as to how the issues involved are covered by earlier decisions as under : Gr. No.1 : Sales Tax Incentive Rs. 4,18,27,757/-. A) Sales Tax incentive availed under the Package Scheme of Incentives, 1993 of Govt. Of Maharashtra for setting up of Industrial Unit is Capital Receipt. B) Issue covered in favour of assessee by following decision of Hon'ble ITAT, Nagpur in the case of assessee. i) ITA No.262/Nag/2007 order dated 12-08-2009 (Asstt. Year 2003-04) Gr. No.2: Rs. 14,38,61,972/- Premium payable on redemption of Zero Coupon Bonds. A) Zero Coupon Bonds issued to meet the working capital requirement and was utilized for regular business activities B) Difference ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsider claim as per direction of Hon'ble ITAT in the case of assessee in ITA No. 261/Nag/2007. No grievance to revenue. Ground misconceived. E) Similar matter restored for re-adjudication by the A.O. in the case of assessee by Hon'ble CIT(A) for A.yr. 2006-07. Hon'ble ITAT in ITA No. 106/Nag/2011 vide order dated 05/06/2015 has confirmed the direction of Hon'ble CIT(A). (P-19) Gr. No. 5: Sales Tax Incentives of Rs. 4,18,27,757/- to be excluded for computing profit u/s 115JB. A) Issue covered in favour of assessee by following decision of Hon'ble ITAT, Nagpur Bench, Nagpur in the case of assessee. i) ITA No. 106/Nag/2011 order dated 05/06/2015 (Asstt. Year 2006-07) (P-20 & 21). Gr. No. 6: Rs. 1,19,50,500/-. Contributions to an approve ..... X X X X Extracts X X X X X X X X Extracts X X X X
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