2008 (12) TMI 756

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....We are condoning the delay of 127 days since in our considered opinion, a sufficient cause has been shown in the petition. Accordingly, the application for condonation of delay being G.A.No. 3114 of 2008 is allowed and the same is disposed of. It appears that a question had arisen in this matter which was sought to be specifically dealt with by the Commissioner of Income Tax (Appeals) as wel....

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....sumed. It further appears that these facts are/or the procedure adopted by the assessee for the particular period was on ad-hoc basis. Such situation and the facts were accepted by the CIT(A) and the CIT(A) held as follows: "The CIT(A) accepted the contention of the assessee and held that the price at which it bought such power from KSEB should be taken into consideration for determining the re....

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....ot a regular supplier of power and could not supply power on any regular and sustained basis. In terms of the agreement with KSEB it was allowed to sell the surplus power banked with it subject to the condition that such surplus would lapse at the end of the monsoon year. The assessee had therefore to dispose of its such surplus banked power which remained after its own use on adhoc basis to avoid....

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....l)" Furthermore, it appears that during the subsequent assessment year also, the learned Tribunal has also accepted such position and the appeal preferred before this Court which was not pressed by the appeals at that point of time. Therefore, the law has already been settled by this Court. Therefore, in our considered opinion, we do not find that there is any substantial question of law involv....