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TMI Blog2012 (8) TMI 950X X X X Extracts X X X X X X X X Extracts X X X X ..... in law, the Hon ble ITAT are justified in law in allowing proportionate premium of ₹ 14,34,894/- in respect of redemption of debentures even though the same is allowable as expenditure only in the year of redemption of debentures ? (B) Whether on the facts and in the circumstances of the case and in law, the Hon ble ITAT are justified in law in allowing deduction of ₹ 2,15,00,000/- on account of premium actually paid on redemption of debentures during the year, having held separately that premium on redemption of debentures is allowable on proportionate basis on year to year basis spread over the period of debentures, thus allowing double deduction? (C) Whether on the facts and in the circumstances of the case and in law, the Hon ble ITAT are justified in law in holding that attrition of foreign exchange in EEFC account amounting to ₹ 1,09,89,916/- includible in the export turnover for the purpose of computation of deduction under Section 80HHC even though the same is not brought into India as per requirements of Sec. 80HHHC(2)(a) of the Income-tax Act read with definition of export turnover as given in clause (b) of explanation to Sec. 80HHC of the Incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d vs. CIT (210 ITR 97) even though the same is distinguishable inasmuch as the aforesaid decision deals with determination of actual cost for the purpose of depreciation under Section 32 and does not hold that notional loss arising out of fluctuation of exchange rate is allowable as deduction u/ s.37(1)/28 of the Income-tax Act? (M) Whether on the facts and in the circumstances of the case and in law, the Hon ble ITAT are justified in law in allowing interest paid by the assessee amounting to ₹ 2,52,64,970/- u/s. 36(1)(iii) of the Income-tax Act on loans from financial institutions and banks for expansion of projects and purchase of capital assets relating to existing business even though the same is not allowable in view of proviso to Sec.36(1)(iii) of the Income-tax Act ? (N) Whether on the facts and in the circumstances of the case and in law, the Hon ble ITAT are justified in law in confirming order of the CIT(A) deleting the disallowance of ₹ 1,03,314/- made by the A.O under Section 40A(2) of the Income Tax Act in respect of Assessee s Director and ex-employee Shri T.C.Saboo? (O) Whether on the facts and in the circumstances of the case and in law, the Hon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stances of the case and in law, the Hon ble ITAT are justified in law in holding that Renu Power Unit No.8is a new industrial undertaking which satisfied all the conditions laid down under Section 80-IA of the Income-tax Act ? (W) Whether on the facts and in the circumstances of the case and in law, the Hon ble ITAT are justified in law in deleting the disallowance of ₹ 5,50,61,362/- in respect of dividends from domestic companies being the interest attributed to earning of this dividend income for the purpose of allowing exemption under Section 10(33) of the Income Tax Act ? (X) Whether on the facts and in the circumstances of the case and in law, the Hon ble ITAT are justified in law in deleting the disallowance of ₹ 11,68,49,864/- made by the A.O in respect of dividend on Unit-64 received from UTI being interest attributable to earning of such dividend? (Y) Whether on the facts and in the circumstances of the case and in law, the Hon ble ITAT are justified in law in allowing expenditure of ₹ 2,54,941/- paid to Vyas Gisaneeti Creating as business expenditure towards formulating and structuring plans for Aditya Birla Scholarships under Section 37(1)/28 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w. The Tribunal found on the basis of the evidence that there was a close nexus between the business carried on by the respondent and the feasibility study in respect whereof the professional charges had been incurred. There is nothing to indicate that the finding is perverse. Re: Question H : 7. Mr. Dastur stated that there was no profit in any of the relevant activities for the relevant assessment years and the question, therefore, is entirely academic. In view thereof, it is not necessary for us to consider even whether the question sought to be raised is a substantial question of law. Re: Questions I J : 8. It is agreed that these questions were also sought to be raised in the department's appeal for assessment year 1996-97 being Income Tax Appeal No.690 of 2007. This Court had dismissed the appeal. In the subsequent years viz. for assessment years 2003-04 and 2004-05, the questions were decided in favour of the respondent and the revenue had accepted the decision of the CIT (Appeals). These issues, therefore, do not raise a substantial question of law. Re: Question K : 9. It is agreed that this issue is answered against the appellant by the judgment of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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