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TMI Blog2017 (6) TMI 1391X X X X Extracts X X X X X X X X Extracts X X X X ..... nsidered opinion, having regard to the judgment of Raymond Ltd. ( 2012 (4) TMI 127 - BOMBAY HIGH COURT] as well as the decision JSW Energy ( 2013 (7) TMI 192 - ITAT MUMBAI] the impugned issue is no longer res integra. In the case of JSW Energy (supra), the Tribunal was considering the deductibility of the amount set apart as Debenture Redemption Reserve for the purposes of computing the book pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT(A)-41, Mumbai dated 28.10.2014, pertaining to the Assessment Year 2011-12, which in turn has arisen from the order passed by the Assessing Officer dated 28.3.2014 under section 143(3) of the Income Tax Act, 1961 (in short the Act ). 2. In its appeal, Revenue has raised the following Ground of appeal:- 1. Whether on the facts and circumstances of the case and in law, the Ld. CIT(A) erre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mption Reserve. As per the Assessing Officer, the said Debenture Redemption Reserve was a reserve in terms of clause (b) of Explanation to Sec. 115JB of the Act whereas according to the assessee, the said amount was not a reserve, but in the nature of an ascertained liability. The CIT(A) has since upheld the stand of the assessee by relying on the judgment of the Hon'ble Bombay High Court in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e CIT(A) made no mistake in allowing the claim of the assessee, which is also in consonance with the decision of the Tribunal on a similar issue in the case of JSW Energy Ltd., [2014] 150 ITD 406 (Mumbai - Trib.). 6. We have carefully considered the rival submissions. In our considered opinion, having regard to the judgment of the Hon'ble Bombay High Court in the case of Raymond Ltd. (supra ..... X X X X Extracts X X X X X X X X Extracts X X X X
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