2017 (9) TMI 186

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..... Act, 1961? (ii) Whether on the facts and in the circumstances of the case the Hon'ble Tribunal was right in its interpretation of the subclause (f) of Explanation 1 of Section 115JB wherein it has held that the provisions of Section 14AA cannot be imported into Section 115JB while computing book profits? - Income Tax Appeal No. 729 of 2014 - - - Dated:- 22-8-2017 - S. C. Dharmadhikari And .....

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..... o 2.3. 4. The Tribunal concluded that, allowability of interest in respect of Bonds issued by the assessee cannot be looked in isolation. The Bonds were issued in Assessment Year 2007-08 to repay the loans taken in the earlier years. In the earlier years, when the loans were taken, interest had been allowed as deduction which means the Department accepted the claim that the borrowings were for .....

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..... n of law. The appeal is, therefore, dismissed to the extent of these questions. 5. However, we have perused the order of the Tribunal on the question of assessment of book profit under Section 115JB of the Income Tax Act, 1961. After perusing that part of the order, we are of the view that the appeal deserves admission on the following two substantial questions of law: (i) Whether on the fac .....

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