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of <h1>Appeal on Share Issue Expenses & Assessment Disallowances under IT Act</h1> <h3>Asstt. Commissioner of Income-tax (OSD) Circle-8, Versus Shree Rama Multi-tech And Vice-Versa,</h3> The appeal challenged the disallowance of share issue expenses under section 35D of the I.T. Act. The ITAT directed the Assessing Officer to bifurcate the ... - Issues involved: Appeal against order of CIT(A)-XIV, Ahmedabad for assessment year 1999-00 and 2000-01.Issue 1: Disallowance of share issue expenses under section 35D- The appeal challenged the deletion of disallowance of share issue expenses of Rs. 23,23,312 under section 35D of the I.T. Act.- The ITAT directed the Assessing Officer to bifurcate the expenses related to shares and debenture expenses, and deferred revenue expenses for proper evaluation, following a similar decision in a previous case.- The AO was instructed to verify the payment of employees' contribution to PF and ESI before the due date of filing the return for allowance.Issue 2: Reopening of assessment proceedings and various disallowances for assessment year 2000-01- The appeal contested the reopening of assessment proceedings u/s.147 of the I.T. Act and various disallowances made by the AO.- Grounds related to depreciation, set off of interest income against public issue expenses, disallowance under section 35D, and deduction u/s.80IA on 'other income' were discussed.- The ITAT directed the AO to verify relevant facts and allow the claims based on previous judgments and specific directions.Issue 3: Disallowance of deduction u/s.80IA on 'other income'- The Ld. AR presented details of 'other income' including interest income, exchange rate difference, excise credit, and export incentives.- Certain items were not pressed for want of details, leading to their dismissal.- The ITAT directed the AO to verify the nexus of interest income and allowed deductions on certain items related to industrial undertakings and business income.Issue 4: Disallowance of deduction u/s.80HHC- The Ld. AR did not press this ground, resulting in its dismissal.- General grounds and those not pressed by the Ld. AR were dismissed as not pressed.- The ITAT allowed the appeal for statistical purposes based on the discussions and directions provided in the judgment.This summary provides a detailed overview of the issues involved in the legal judgment, highlighting the key arguments and decisions made by the ITAT for each issue raised in the appeal.
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