Bombay High Court
Commissioner Of Income Tax - Ltu vs Sterlite Technologies Limited on 28 July, 2022
Author: Abhay Ahuja
Bench: Dhiraj Singh Thakur, Abhay Ahuja
Priya Soparkar 1 20 itxa 605-18-os
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INCOME TAX APPEAL NO.605 OF 2018
Commissioner of Income Tax-LTU ... Appellant
PRIYA
RAJESH V/s.
SOPARKAR Sterlite Technologies Limited ... Respondent
Digitally signed by
PRIYA RAJESH ---
SOPARKAR
Date: 2022.07.29 Mr.Suresh KUmar for the Appellant.
14:43:33 +0530
Mr.Balkrishna V. Jhaveri alongwith Mr. S.Sriram for the Respondent.
---
CORAM : DHIRAJ SINGH THAKUR AND
ABHAY AHUJA, JJ.
DATE : JULY 28, 2022.
P.C.:-
1. Heard learned counsel for the parties.
2. We admit the appeal on the following substantial questions of law:-
"a. Whether on the facts and in the circumstances of the case and in law, the Hon'ble Tribunal was right in allowing the deductions u/s 80IB & 80IC of the Act on gross total income instead of eligible net business income?
b. Whether on the facts and in the circumstances of the case and in law, the Hon'ble Tribunal was right in restricting the disallowance u/s 14A r/w Rule 8D at Rs.1,65,000/- instead of Rs.3,08,000/- ignoring the fact that the amount of disallowance was worked out by the Assessing Officer as per Section 14A of the I.T. Act r/w Rule 8D of the I.T. Rules? c. Whether on the facts and in the circumstances of the case and in law, the Hon'ble Tribunal was right in deleting the disallowance u/s 14A of the I.T. Act r/w Rule 8D of the I.T.Rules while computing book profits u/s 115JB of the Act? d. Whether on the facts and in the circumstances of the case and in law, the Hon'ble Tribunal was right in setting aside the issue with regard to ESOP to the Assessing Officer Priya Soparkar 2 20 itxa 605-18-os by relying on the decision of the Special Bench of Hon'ble Benguluru Tribunal in the case of Biocon Ltd. Vs. DCIT (ITA No.368/B/2010 dated 18.07.2013) (25 ITR (Trib) 602) ignoring the fact that similar issue is being contested before the Hon'ble Apex Court in assessees own case for A.Y.2002- 03?"
3. Issue notice to the respondent.
4. Mr.Balkrishna V. Jhaveri, learned counsel waives notice for the respondent.
5. Call for record and proceedings.
6. Registry is directed to communicate copy of this order to the Tribunal. This would enable the Tribunal to keep papers and proceedings relating to the present appeal available, to be produced when sought for by the Court. (ABHAY AHUJA, J.) (DHIRAJ SINGH THAKUR, J.) ....