2013 (2) TMI 757

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....enior Advocate with Rajlaxmi Punjabi i/b. M.S. Bondhanwalla ORDER P.C. :- 1. In this appeal by the revenue for the assessment year 1996-97, the following questions of law are raised for our consideration:- i) Whether on the facts and circumstances of the case and in law, the Tribunal is correct in holding that the addition has been wrongly made without appreciating the fact that ....

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....res are not allowable in the regular course of business of the assessee without appreciating the fact that there are no provisions in the Act which allow change in computation of income by the assessee by reasons of modification of account, otherwise than by filing revised return ? (iv) Whether on the facts and circumstances of the case and in law, the Tribunalis correct in holding that s....

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....parties state that the instructions issued by the Central Board of Direct Taxes (CBDT) being instruction No.17/2008 dated 26th November, 2008 covers the issue in favour of the respondent-assessee. Thus, we see no reason to entertain question (ii) as proposed. 4. So far as question (iii) is concerned, the dispute is, whether the interest expenses are to be allowed in the year in which the expens....

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...., by filing of the revised return before the assessing officer, such a claim could be made in appeal before the appellate authorities. In the present case, the Tribunal has directed the assessing officer to consider the claim of deduction of additional interest payable on deposits during the assessment year 1996-97 i.e. the assessment year in question. In view of the above, we see no reason to ent....