2006 (3) TMI 494

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....he Appellant. Shri S.G. Dewalwar, DR, for the Respondent. [Order per : Joyti Balasundaram, Vice-President]. -  Vide Stay Order No. S/585/WZB/2005/C.I dated 31-10-05, pre-deposit of Rs. 25 lakhs was directed. Against this order, the applicants went up to the Hon'ble Bombay High Court by way of filing Writ Petition No. 192 of 2006 and by Order dated 7-2-2006, the High Court directed th....

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.... Section 32 of the Income Tax Act, 1961 on value including the Modvated duty. The Tribunal remanded the case in the absence of any finding recorded on the claim regarding the accounting practice of appellants of adding amount of Modvat credit in taxable income which allegedly resulted into washing out of claim for depreciation. However, in the present case, it is not disputed by the applicants tha....