2009 (7) TMI 679

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....ct"), has been admitted vide order dated October 16, 2006, on the following substantial questions of law said to be arising out of the order of the Income-tax Appellate Tribunal dated March 22, 1999: "1. Whether on the facts and in the circumstances of the case the Income-tax Appellate Tribunal was justified in deleting the interest of Rs. 15,41,888 charged under section 216 of the Income-tax A....

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.... had filed the estimate of income on June 14, 1977 declaring income of Rs. 561.07 lakhs which was reduced on September 15, 1977, to Rs. 352.91 lakhs. However, on December 15, 1977, the assessee filed the estimate of income declaring income of Rs. 529.15 lakhs for the said assessment year. The assessment was made on total sum of Rs. 798.25 lakhs on which interest under section 216 of the Act was al....

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....nt case the machinery installed by the assessee comes into contact with corrosive chemicals and, therefore, it is entitled for higher depreciation. The second question is answered accordingly. 6. Coming to the first question we find that the explanation given by the respondent-assessee as to the filing of the estimated income was genuine and the Tribunal had accepted the same. It may be mention....