Section 32, 80HHC, 115J of Income Tax Act, 1961—In the instant case, question of law raised before the court on various grounds.

Held that—Question Nos.1, 4 and 5 are covered by the decision of this Court, in favor of the assessee, in C.I.T. v. Apollo Tyres Ltd. [(1999) 237 ITR 706 (Ker.)], as confirmed by the Hon'ble Supreme Court by the decision reported in Apollo Tyres Ltd. v. C.I.T. [(2002) 255 ITR 273 (SC)]. Question No.2 is covered in favor of the assessee by the decision of the Hon'ble Supreme Court in C.I.T. v. Bhari Information Tech. Sys.P.Ltd. [(2012) 340 ITR 593 (SC)].

Now question no. 3 is only for consideration which states that withdrawn from the revaluation reserve account for adjusting the depreciation should be allowed as deduction while computing the book profits

Held that—The first appellate authority and the Tribunal found that there is no ground to decline such exemption to the assessee, merely for the fact that the same was not shown in the profit. The deduction which is permissible under the Act could not have been disallowed. We affirm the concurrent findings of the first appellate authority and the Tribunal on Question No.3 and it stands answered in favor of the assessee and against the Revenue.[THE COMMISSIONER OF INCOME TAX, CENTRAL-II, NEW DELHI VERSUS M/S. APOLLO TYRES LTD.] [2018] [7] [ITCD Online] [88] [KERALA HIGH COURT]