2002 (1) TMI 1187

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....pellant. Shri Sree Kumar Menon, SDR, for the Respondent. [Order per : Jeet Ram Kait, Member (T)]. -  In both these stay petitions the issue involved is common and therefore common order is being passed in view of the fact that the issue has already been decided in favour of the assessee by the WRB, Bombay in the matter of Terna Shetkari Sahakari Sakhar Karkhana Ltd. v. CCE, Aurangaba....

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....d returns are filed excluding that part of value and accepted by Income-tax department, mere filing of return claiming depreciation on total value is not sufficient to disallow credit particularly, in view of wordings of Rule 57R(5) and the amendment to Section 43(1) of the Income-tax Act made in 1998 with effect from 1-4-94. Unless depreciation is allowed by Income-tax Department, credit is not t....

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....ered by the WRB, Mumbai. 4. After hearing both the sides we are of the considered opinion that the matter requires fresh appreciation of facts in the light of the judgment rendered by the co-ordinate Bench in the case of Terna Shetkari Sahakari Sakhar Karakhana Ltd. v. CCE, (supra) in which it has been held that if the revised Returns are filed excluding that part of value and accepted by ....