2015 (4) TMI 881

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....r Sanjiv M Shah ORDER P.C. 1. Parties concede that question No.6.1 in this appeal is covered by a judgment of this Court in the case of Commissioner of Income Tax vs. Ghatge Patil Transports Limited (2014) 368 ITR 749. 2. Having heard both sides and finding that this appeal by the Revenue against the order passed by the Income Tax Appellate Tribunal, dated 28th September, 2012, for ass....

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....stantial question of law. We hold the same opinion on questions 6.1 and 6.2 as well. 5. Mr. Pinto could not satisfy us on a plain reading of section 35 of the Income Tax Act, 1961, that there was no requirement of any project being completed or the entire amount capitalised in the books of account as reported by the auditors. The Tribunal found that the understanding of the Assessing Officer wa....

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.... that an expenditure of Rs. 27,25,243/- was indeed incurred on research which is duly approved by the competent authority being the Ministry of Science and Technology, Government of India and a letter dated 4th December, 2002, was produced. For that provision to apply, it is sufficient that the assessee incurs the expenditure of a capital nature on scientific research and there is no requirement t....

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.... 7. Such a conclusion of the Tribunal does not raise any substantial question of law. 8. In relation to question 6.2, the Tribunal found that there was no question of section 43B being invoked and at the stage when the interest was not payable. The loan itself was availed of on 26th December, 2002, and for one year. It was payable with interest. However, the interest had not become payable and....