TMI Blog2016 (6) TMI 1306X X X X Extracts X X X X X X X X Extracts X X X X ..... we make it clear that we have not expressed any opinion on the merits and it will be open for both the sides to raise their contentions before the concerned authority. It is further clarified that if the assessee raises an issue that the matter is already covered by the decisions, as above, the Assessing Officer may consider the same in accordance with law. - TAX APPEAL NO. 1466 of 2006 - - - Dated:- 9-6-2016 - MR. KS JHAVERI AND MR. G.R.UDHWANI, JJ. FOR THE APPELLANT : MR NITIN K MEHTA, ADVOCATE FOR THE OPPONENT : MRS SWATI SOPARKAR, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) 1. By filing this appeal, the revenue department has challenged the judgment and order dated 24.3.2006 passed by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x incentives being capital in nature stands decided in favour of the assessee in its own case. Claim stands adjudicated by AO, which does not require verification of facts which are not available on assessment records. Case laws relied on by the learned DR are on distinguishable facts and the assessee's case having similarity of Hon'ble Supreme Court in the case of NTPC (supra), respectfully following the same we admit additional grounds. Reverting to appeal, Ground No.1 is dismissed as being general in nature. Ground No.2 (i) - interest on FD. 2 (ii) -Other interest income are set aside back to the file of AO to follow the decision of Lalson Enterprises (supra) for the purpose of netting. Ground No.2 (iii) -Miscellaneous income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT (1997) 141 CTR (SC) 387. and other judgments and it is contended that in Tribunal judgments cited above learned AR, the issue has not been considered in the light of these Supreme Court judgments. It was argued that share issue expenses shall not be set off against interest earned on share application. We have heard the rival contentions and perused record on this issue, in the case of Neha Proteins J.M. Shares Stock Brokers (supra) such set off has been allowed in case of Rama Multitech (supra) also the same has been set aside to AO to work out the interest earned on such money relatable to periods prior to and subsequent to allotment. Respectfully following Rama Multi Tech (supra) which has considered above decision, we set ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
