2012 (7) TMI 299

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....imanyu Garg, Adv JUDGEMENT The Revenue in this appeal under Section 260A of the Income Tax Act, 1961 ('Act', for short) impugns the order dated 31.07.2008 passed by the Income Tax Appellate Tribunal ('Tribunal', for short) in the case of Nextgen Communication Sprint RPG India Ltd. formerly known as Sprint RPG Limited. The appeal pertains to assessment year 1998-99. 2. The learned counsel ....

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....e purpose of said services the respondent-assessee had deposited the following amount in the financial years 1994-95 to 1996-97: - F. Year Telephone deposits made during the F. Year Amount written off during the F. Year 1994-95 1,37,96,141/- 45,98,713.67 1995-96 28,63,930/- 9,54,643.33 1996-97 14,79,000/- 4,93,000.00 4. As is apparent from the aforesaid table....

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.... or negative on the said factual aspect. At the same time, the Tribunal has noticed that the assessee has been regularly following the policy of writing off the OYT deposits in the following three years without any objection from the department. In Madras Industrial Investment Corporation Ltd. v. CIT, (1997) 225 ITR 802 (SC), writing off the discount on debentures over the years for which the debe....