2016 (11) TMI 1595

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....ur consideration : "(1) Whether on the facts and in the circumstances of the case and in law, the Income Tax Appellate Tribunal (the Tribunal) was justified in holding that profit 1/7 from power generated are eligible for deduction for the purpose of book profit under Section 115JA without appreciating the fact that no profits was derived from business of generation and distribution of power and that the power generated was used for captive consumption only ? (2) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in restoring the issue of sales tax exemption to the file of Assessing Officer by relying on the decision of the Bombay High Court in the case of Reliance Industries L....

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....n deleting the disallowance made in respect of payments made under Voluntary retirement Scheme of the company, holding the expenditure to be revenue in nature without appreciating that the expenditure is capital in nature giving benefit of enduring nature to the assessee ? (7) Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in deleting the disallowance made for delayed payment of employees contribution to Provident Fund by relying on the decision of Alom Extrusions Ltd. 319 ITR 306 without appreciating the fact that the said decision was rendered in respect of Section 43B and not Section 36(1)(va) of the Income Tax Act, 1961 ?" 3. Re : Question Nos.1, 2, 4 and 5 :- (a) Mr. Suresh K....

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....assessee has raised this claim only before the Appellate Authorities and not before the Assessing Officer. However, inspite of asking Mr.Suresh Kumar, learned counsel appearing for the revenue, he has not been able to show that when said statement was made by the revenue before the tribunal it was objected to by the Revenue. (c) In any view of the matter this Court in case of the Commissioner of Income Tax Vs. Pruthvi Brokers and Shareholders Ltd. 349 ITR 336 has held that an assessee is entitled to raise an issue before the Appellate Authorities even if the same had not been claimed during the assessment proceedings. The above view of this Court was by following the decision of the Apex Court in National Thermal Power Corporation Ltd. V....