1997 (7) TMI 17

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....stions referred to in the judgment of the High Court (see [1989] 179 ITR 580, 583 (Cal)) : "(i) Whether, on the facts and in the circumstances of the case and having regard to the fact that the assessee is a sterling company maintaining accounts in pound sterling, the Tribunal was right in holding that for the purpose of computation of the admissible amounts of depreciation under section 32(1)(....

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....ing that the Income-tax Officer was justified in withdrawing the interest of Rs. 14,64,130 granted by him in the original assessment for the assessment year 1968-69 and Rs. 12,09,093 for the assessment year 1969-70?" We are not concerned with the third question, referred to in the judgment of the High Court in this appeal by the assessee, as it has been answered by the High Court in favour of t....

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....e High Court against the assessee. The fourth question is about the interest payable on regular assessment. It has been contended that since a fresh assessment order was directed to be made, the matter is not covered by the decision of this court in Modi Industries Ltd. v. CIT [1995] 216 ITR 759. In that case the court held specifically that the first order of assessment under section 143 or 14....