Gujarat High Court
Pr. Commissioner Of Income Tax-4 vs Suzlon Energy Ltd....Opponent(S) on 21 June, 2016
Author: Akil Kureshi
Bench: Akil Kureshi, A.J. Shastri
O/TAXAP/402/2016 ORDER
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
TAX APPEAL NO. 402 of 2016
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PR. COMMISSIONER OF INCOME TAX-4....Appellant(s)
Versus
SUZLON ENERGY LTD....Opponent(s)
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Appearance:
MR NITIN K MEHTA, ADVOCATE for the Appellant(s) No. 1
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CORAM: HONOURABLE MR.JUSTICE AKIL KURESHI
and
HONOURABLE MR.JUSTICE A.J. SHASTRI
Date : 21/06/2016
ORAL ORDER
(PER : HONOURABLE MR.JUSTICE AKIL KURESHI)
1. Tax Appeal is ADMITTED for considering following substantial questions of law.
[A] Whether the Appellate Tribunal is right in law and on facts in allowing netting of interest to compute eligible deduction u/s.80IB of the Act while confirming disallowance of deduction u/s. 80IB of the Act in respect of interest income on FDR and ICD ?
To be heard with Tax Appeal No.220 of 2013.
2. We noticed that the Revenue has also suggested another question which pertains to the deduction under section 80IB of the Income Tax Act, 1961, in respect Page 1 of 2 HC-NIC Page 1 of 2 Created On Thu Jun 23 02:32:01 IST 2016 O/TAXAP/402/2016 ORDER of duty draw back. The Revenue relies on the decision of Supreme Court in case of Liberty India and Ors. vs CIT, reported in 317 ITR 218. However, this issue is at large before the Assessing Officer, we have no reason to interfere at this stage. Second question is therefore not considered.
(AKIL KURESHI, J.) (A.J. SHASTRI, J.) ANKIT Page 2 of 2 HC-NIC Page 2 of 2 Created On Thu Jun 23 02:32:01 IST 2016