2019 (8) TMI 1335

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....the Income Tax Act, 1961 is directed against the order dated 09.5.2017 made in ITA.No. 3346/Mds/2016 on the file of the Income Tax Appellate Tribunal, Chennai 'A' Bench for the assessment year 2012-13. 3. The Revenue has filed this appeal by raising the following substantial questions of law : "i. Whether, on the facts and in the circumstances of the case and in law, the Tribunal was correct in allowing the balance of the additional depreciation carried forward from the earlier assessment year ? ii. Whether, on the facts and in the circumstances of the case and in law, the Tribunal was correct in not appreciating that as per the Proviso to Section 32(1)(iia) of the Act where the asset is acquired and put to use ....

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.... 2(24)(x) of the Act applies, the assessee shall not be entitled to any deduction unless such sum is credited to the employees account in the relevant fund or funds before the due date specified under Section 36(1)(va) of the Act? vii. Whether, on the facts and in the circumstances of the case and in law, the Tribunal was correct in not appreciating that the recent Board's circular No.22/2015 dated 17.12.2015 has clarified that the provisions of Section 43B of the Act does not apply to the claim of deduction relating to employees' contribution to welfare fund, which are governed by Section 36(1)(va) of the Act? viii. Whether, on the facts and in the circumstances of the case and in law, the Tribunal was correct in ....

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....said Section as well as Rule 8D do not provide for any such exception? xiii. Whether, on the facts and in the circumstances of the case and in law, the Tribunal was justified in not appreciating the fact that investment in shares of subsidiary companies will also yield only dividend income, which is exempt from income tax and hence, the provisions of Section 14A are applicable? And xiv. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in not appreciating that as per CBDT's Circular No. 5/2014 dated 11.2.2014 in paragraph No.6 has clarified that disallowance under Section 14A read with Rule 8D has to be made even when there is no exempt income earned during the relevant previous year?....