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TMI Blog2010 (8) TMI 1184X X X X Extracts X X X X X X X X Extracts X X X X ..... e without considering the fact that such expenditure was not wholly and exclusively for the purpose of business particularly when assessee being an Artificial Juridical Person cannot avail the facilities of the club?" (B) "Whether on the facts and in the circumstances of the case, the Tribunal is justified in law in directing to allow deduction u/s.35AB of the I.T. Act without considering the facts that the business of the assessee in the concerned unit has not commenced during the year under consideration?" (C) "Whether on the facts and in the circumstances of the case, the Tribunal is justified in law in directing to allow deduction u/s.80HH and 80I of the I.T. Act simultaneously without considering the correct legal position that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... u/s.43(1) of the Act in the actual cost of assets and in the year under consideration, the depreciation on intangible assets being "know-how" was also not admissible?" 2. Heard, Mr. M.R. Bhatt, learned Senior Advocate for the appellant. 3. In relation to proposed question (A), it is apparent that the Tribunal has merely followed the decision of the Jurisdictional High Court in the case of Gujarat State Export Corporation Ltd. vs. Commissioner of Income Tax (Appeals), (1994) 209 iTR 649 (Guj.) whereby the issue was decided in favour of the assessee. In the circumstances, this ground of appeal does not give rise to any question of law and is accordingly dismissed. 4. In relation to proposed question (C), it is apparent that the Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his ground of appeal is also dismissed. 7. As regards proposed questions (B), (D), (E) and (G), Admit. The following substantial questions of law arise for determination:- (a) Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was justified in law in directing to allow deduction under Section 35AB of the Income Tax Act, 1961 though the business of the concerned unit had not commenced during the year under consideration? (b) Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was justified in law in directing to exclude only the net income from FDR interest while computing deduction under section 80HH and section 80I of the Income Tax Act, 1961? (c) W ..... X X X X Extracts X X X X X X X X Extracts X X X X
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