9911796707
TMI Blog2019 (8) TMI 809X X X X Extracts X X X X X X X X Extracts X X X X ..... cluded from total income under the normal computation provisions - MAT applicability - capital profit/loss on account of sale of investments, transfer of business and sale of assets to be considered in computing the book profit under section 115JB - sum as transferred to special reserve out of statutory compulsion in accordance with section 45-IC of the Reserve Bank of India Act, 1934 was required ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Court : The order of the tribunal made on 27th February 2019 is challenged principally on the ground of perversity in arriving at the findings in relation to the issues mentioned in paragraph 10 of the stay petition. On that basis questions of law have been formulated in the said paragraph as hereunder: ( i) Whether any disallowance can be made unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rforming assets of ₹ 13.71 crore made by the appellant in accordance with the provisions of Non-banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 was a legitimate business deduction? ( iv) Whether the transfer of ₹ 22 crore to special reserve in terms of section 45-IC of the Reserve Bank of India Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions 2007 which had over-riding effect over the provisions of Parts II and III of Schedule VI to the Companies Act 1956 and the purported findings of the Tribunal not adjudicating and/or rejecting the appellant s said claim are arbitrary, unreasonable and perverse? ( vii) Whether capital profit/loss on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was required to be excluded in computing the book profit under section 115JB of the Income Tax Act, 1961? Prima facie there is substance in the contention of Mr. Khaitan, learned senior advocate for the appellant. We are of the view that interest of justice would be subserved if the matter is remanded back to the tribunal to reconsider the above issues afresh upon ..... X X X X Extracts X X X X X X X X Extracts X X X X
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