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TMI Blog2014 (4) TMI 1288X X X X Extracts X X X X X X X X Extracts X X X X ..... n investments cannot be added back to the balance of the profits as there is no specific prohibition against the allowance of such expenditure under Sections 30 to 43B of the Income Tax Act, 1961 even though such expenditure is to be added back in terms of Clause 5(a) of the First Schedule of the Income Tax Act, 1961? (ii) Whether on the facts and in the circumstances of the case and in law the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... allowance? (iv) Whether on the facts and in the circumstances of the case and in law the Hon'ble Tribunal was justified in holding that the preoperative amortized expenses can be claimed as a deduction in a previous year in which it has not been incurred? (v) Whether on the facts and in the circumstances of the case and in law the Hon'ble Tribunal was justified in holding that profi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . It is ADMITTED on the following substantial questions of law:- (i) Whether on the facts and in the circumstances of the case and in law the Hon'ble Tribunal was justified in holding that the amortized amount of the premium on investments amounting to Rs.1,91,33,945/- cannot be added back to the balance of the profits as there is no specific prohibition against the allowance of such expend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the case and in law the Hon'ble Tribunal was justified in holding that the preoperative expenses amounting to Rs.1,40,30,352/- can be amortized and claimed over a period of several years when there is no provision under the Income Tax Act to admit such an allowance? (iv) Whether on the facts and in the circumstances of the case and in law the Hon'ble Tribunal was justified in holdin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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