2010 (2) TMI 44

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....URREZ AHMED,J. We have heard the counsel for the parties. The assessee is in appeal before us against the order of the Income-tax Appellate Tribunal dated 15.04.2004 in respect of the assessment year 1995-96. One of the issues sought to be raised is with regard to the deduction claimed by the assessee under Section 80-I of the Income-tax Act, 1961 (hereinafter referred to as 'the said Act') on ....

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....tter is with regard to travelling expenses, which have been incurred by the assessee in connection with the purchase of some plant and machinery. The Assessing Officer had claimed these expenses on the revenue account. However, the Assessing Officer treated the same as 'capital expenditure' and disallowed the same. This was upheld by the Commissioner of Income-tax (Appeals) as well as by the Incom....

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....unal, after following the decision of the Supreme Court in the case of Berger Paints India Ltd v. Commissioner of Income-tax, Calcutta: 266 ITR 99, concluded that the details of the additions of the said amount of Rs 51,06,391/- on account of excise duty paid by the assessee was correct. The Tribunal, however, went further to observe that as the said amount of Rs 51,06,391/- was also loaded on the....

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.... 5. Now, before us, the learned counsel for the appellant / assessee submits that the finding of the Tribunal that the sum of Rs 51,06,391/- had been loaded on the closing stock is factually incorrect and, therefore, there was no need for deducting the said sum from the opening stock of the succeeding year. We feel that this aspect of the matter can be adequately addressed by directing the Asse....