2015 (7) TMI 371

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....azifdar, A.C.J. (Oral) The appellant has raised the following substantial questions of law:- "(i) Whether on the facts and circumstances of the case, the Hon'ble ITAT was right in law in upholding the order of the ld. CIT(A) wherein disallowance made under Section 36(1)(iii) was deleted ignoring the judgement of Hon'ble Punjab & Haryana High Court in the case of CIT Vs Abhishek Industries Ltd. r....

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....umstances of the case, the Hon'ble ITAT was right in law in allowing depreciation on contribution for power evacuation facility even though the assessee has no ownership of the asset being only a contributor for availing the facility?" 2. Questions (ii) (iii) and (iv) are admittedly covered by a judgement of the Division Bench of this Court dated 18.12.2014 titled as Commissioner of Income Tax-I,....

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....2008 was about Rs. 10.40 crores. The opening balance as on 01.04.2007 was about Rs. 73.57 crores and the closing balance as on 31.03.2008 was about Rs. 86.60 crores. The opening balance of interest free unsecured loans from family and friends as on 01.04.2007 was about Rs. 55.95 crores and the closing balance of interest free unsecured loans from family and friends as on 31.03.2008 was about Rs. 5....