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TMI Blog2012 (3) TMI 519X X X X Extracts X X X X X X X X Extracts X X X X ..... e acquisition of assets in the form of plant and machinery and should be capitalized under that head and the depreciation/investment allowance would have to be allowed. Assessee is entitled to the deduction in respect of enhanced liability of ₹ 612.32 lacs being payment of interest to be made under the Drug Price Control Order,1979 notwithstanding the fact that the provisions of Section 43B was not complied with Exclude expenditure incurred on Insurance Premium for Health Insurance Scheme of the employees and club membership fees for the purpose of computing disallowance u/s.40A(5) and 40(c) - INCOME TAX APPEAL NO. 972 OF 2009 - - - Dated:- 5-3-2012 - DR.D.Y. CHANDRACHUD M.S.SANKLECHA, JJ. Mr. Suresh Kumar for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,1979 notwithstanding the fact that the provisions of Section 43B was not complied with; c) Whether on the facts and in the circumstances of the case and in law,the Hon ble Tribunal was justified in law in directing the A.O. to exclude expenditure incurred on Insurance Premium for Health Insurance Scheme of the employees and club membership fees for the purpose of computing disallowance u/s.40A(5) and 40(c)? 3 As regards question-a the Tribunal has noted that the issue was decided in favour of the Assessee by the Tribunal for Assessment Year 1984-85 by its order dated 10 March 2006. In the previous Assessment Year 1983-84, the Assessee incurred an expenditure of ₹ 65.55 lacs in connection with the issue of share capital of which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Tribunal has followed the order passed for Assessment Year 1984-85 dated 10 March 2006 (which even according to the Revenue has attained finality). Besides the Tribunal has also followed its own decision for Assessment Years 1982-83 and 1983-84. In that view of the matter, since the decisions of the Tribunal for the earlier Assessment Years have attained finality, no substantial question of law would arise in respect of the same ground for Assessment Year 1986-87. 6 As regards question c the issue pertaining to club membership is covered by the decision of the Division Bench of this Court in Otis Elevators Vs. CIT 195 ITR 383 in favour of the Assessee. In so far as the issue of health premium is concerned, the Tribunal has followed th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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