M/S Ballarpur Industries Ltd. New ... vs The Commissioner Of Income Tax ...
2017 Latest Caselaw 6962 Bom

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                 IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                         NAGPUR BENCH, NAGPUR

                      INCOME TAX APPEAL NO. 100 OF 2004

            M/s. Ballarpur Industries Ltd.,
            Thapar House, 124, Janpath,
            New Delhi                                                ......                APPELLANT

                                       ...VERSUS...

         The Commissioner of Income Tax,
         Vidarbha, Aaykar Bhavan, 
         Civil Lines, Nagpur............                                        RESPONDENT
 -------------------------------------------------------------------------------------------
 Shri K.P.Dewani, counsel for appellant.
 Shri N.S.Bhattad with Shri Bhoot, counsel for Respondent 
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                          CORAM: R. K. DESHPANDE, AND
                                        MANISH PITALE, JJ.

th DATE : 8 SEPTEMBER, 2017 .

COMMON JUDGMENT (P.C.)

1] This appeal was admitted on 16.07.2007 and the

following substantial questions of law were framed.

1] Whether Income Tax Appellate Tribunal was legally justified in confirming disallowance made by Assessing Officer in respect of claim of appellant for depreciation amounting to Rs.9,23,273/- pertaining to assets transferred upon amalgamation in the earlier year (Assessment Year 1992-93) from the amalgamating company, viz. Modern Stramit (I) Ltd., a company amalgamated by virtue of the order of the BIFR?

2] Whether Income Tax Appellate Tribunal was legally justified in confirming disallowance made by Assessing Officer at Rs.18,76,303/- as share issue expenses which includes expenses in the nature of advisory fees which are revenue in nature and allowable u/s 37 of Income Tax Act, 1961?

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           2]              The   substantial   question   of   law   at     Sr.   No.1   is

covered by our decision delivered on 07.09.2017 in Income Tax

Appeal No. 27 of 2003 (M/s. Ballarpur Industries Limited vrs.

Commissioner of Income Tax). So far as the substantial question

of law at Sr. No.2 is concerned, in our view, it is also covered by

the decision of the Apex Court in the case of Punjab State

Industrial Development Corporation Ltd. Vs. CIT, reported in

225 ITR 792.

3] In view of above, nothing survives in this appeal. The

same is dismissed as such.

                                   JUDGE                        JUDGE
 Rvjalit