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Judgment
The appeal was admitted on the following substantial
questions of law:-
(I) Whether on the facts and in the
circumstances of the case, the Hon''ble ITAT was
justified in law in allowing the claim of Rs. 33,63,870/-
in respect of payments made to various institutions,
schools clubs etc. which were disallowed by the
assessing officer under Section 40A(9) of the Income
Tax Act ?
(II) Whether on the facts and in the
circumstances of the case, the Hon''ble ITAT was
justified in law in allowing the claim of reduction of Rs.
96,79,17,996/- being the profit from generation of
power from the book profit under Section 115JA of the
Income Tax Act when the assessee was not engaged in
the business of generation of power and the power was
generated for its own manufacturing units?
(III) Whether on the facts and in the
circumstances of the case, the Hon''ble ITAT was
justified in law in allowing the claim of reduction of Rs.
26,29,44,661/- being withdrawal from the revaluation
reserve from the book profit under Section 115JA of the
Income Tax Act, 1961?
It is not in dispute that the substantial questions of law are
covered against the revenue as per decision given by this Court on
13.07.2017 in ITR 4/1996. It is not in dispute that the substantial
question of law at Sr. Nos. 2 and 3 are covered by the decision of this
Court delivered in Income Tax Appeal No. 104/2006 decided on
17.07.2017 against the Revenue. We therefore, accordingly, answer the
said all the substantial question of law.
The Income Tax Appeal is dismissed.