2007 (8) TMI 414

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....red by 1. RAVIRAJA PANDIAN J.-The assessee filed an appeal against the order of the Income-tax Appellate Tribunal, Madras, "A" Bench made in I. T. A No. 54/Mds/2002 dated July 31, 2006. The relevant assessment year is 1998-99. The substantial questions of law formulated for entertainment of the appeal are as follows : "1. Whether, on the facts and in the circumstances of the case, the Appell....

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....t year 1998-99, the appellant filed a return of income on November 30, 1998, declaring a total income of Rs. 50,38,16,950. The regular assessment under section143(3) was completed on March 30, 2001, determining the total income at Rs. 79,16,75,880. While completing the assessment the Assessing Officer disallowed the deduction for provision for non-performing assets and contingency deposit. Aggriev....

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....e said order is now put in issue before this court. 4. We heard the counsel for appellant and perused the materials on record. 5. The first and second questions of law are inter-related to each other. Learned counsel appearing for the assessee submits that the issue involved in these questions of law is squarely covered by the decision of this court in the case of T. N. Power Finance and Inf....