ORDER :

1. Delay condoned.

2. Exemption from filing certified copy of the impugned judgment granted.

3. Leave granted.

4. These appeals have arisen from the judgment of the Bombay High Court dated 22 & 23 August,2017 for Assessment Years 2003-04, 2004-05, 2005-06 and 2006-07.

5. The High Court has passed a common order for all the Assessment Years. Learned counsel for the assessee states that all the questions which have been framed do not necessarily arise for each Assessment Year. A chart has been tendered, explaining the position. The chart is taken on the record.

6. The appeals by the Revenue raise the following questions:

1. Whether the High Court is correct in holding that interest amount being interest referable to funds given to subsidiaries is allowable as deduction under Section 36 (1)(iii) of the Income Tax Act, 1961 (for short 'the Act') when the interest would not have been payable to banks, if funds were not provided to subsidiaries;

2. Whether on the facts and in the circumstances of the case and in law, the High Court is correct in upholding the Tribunal's view that prior to insertion of Explanation-5 to Section 32 of the Act, the claim of depreciation was optional and coul