2011 (4) TMI 1438

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....JUSTICE AKIL KURESHI) Revenue is in appeal against the judgment of the Tribunal dated 26th September 2008 raising following questions for our consideration: "1. Whether the Appellate Tribunal is right in law and on facts in reversing the order passed by CIT(A) in allowing the claim of deduction u/s.80IA on the interest amounting to Rs. 76,90,674/- received on margin money?" 2.....

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....lar issues, other tax appeals are also admitted. In view of the above submissions, in our view, this question is required to be considered. With respect to question No.2, we find that the same does not arise out of the judgment of the Tribunal. We notice that with respect to the claim of the assessee for deduction under section 80IA on profit without accounting for the loss suffered in plate mill ....

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....nion that it is the availability of machines (physically) and use of the same for assessee's business during the previous year which are relevant for allowing assessee's claim of depreciation. If the Revenue had any doubt with respect to existence of the machinery itself or its use, it was incumbent upon it either to bring sufficient evidence on record to prove that machines under referenc....