Bombay High Court
Commissioner Of Income Tax-Ltu vs Sterlite Technologies Ltd on 28 July, 2022
Author: Abhay Ahuja
Bench: Dhiraj Singh Thakur, Abhay Ahuja
Priya Soparkar 1 16 itxa 592-18-os
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INCOME TAX APPEAL NO.592 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.
14:34:43 +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 deleting addition of Rs.2,55,38,000/- disallowed u/s 80IC of the Act without appreciating the facts of the case and also ignoring the decision of the Hon'ble Apex Court in the case of Liberty India Ltd. Vs. CIT (2009) 317 ITR 218?
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.2,00,000/- instead of Rs.9,00,500/- 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
Priya Soparkar 2 16 itxa 592-18-os
case and in law, the Hon'ble Tribunal was right in setting aside the issue with regard to ESOP to the Assessing Officer 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.) ....