2015 (2) TMI 848

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....see has come up in appeal. The appeal was admitted by an order dated December 23, 2003, on the basis of the following  substantial questions of law :                "I. Whether the expenditure on account of municipal tax, repairs and insurance being allowable directly under sections 30 and 31 of the Income-tax Act the learned Tribunal was justified in upholding the disallowance of the said expenditure in respect of guest house under section 37(4) of the Income-tax Act, 1961 for the assessment years 1991-92 and 1992-93 and the decision of the learned Tribunal is perverse ?                II. Whet....

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....he appellant with respect to allowance of depreciation and computation of written down value under section 43(6) of the Income-tax Act and the said decision of the Tribunal is perverse ?           V. Whether the Tribunal was justified in not directing the Assessing Officer on a proper interpretation of section 43(6) of the Income- tax Act to compute the opening and closing written down value of blocks of assets by deducting only 40 per cent. of the depreciation computed at prescribed rates being depreciation actually allowed and the said decision of the Tribunal is perverse ?" Mr. Khaitan, learned senior advocate appearing on behalf of the appellant, submitted that the first question formulated....