2016 (1) TMI 1240

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...., AM: 1. By way of this appeal, the assessee appellant has challenged correctness of the order dated 24th October, 2011, passed by the ld. CIT(A), under section 143(3) read with section 254 of the Income Tax Act, 1961 ('the Act' hereinafter) for the assessment year 1991-92, on the following grounds: "1 The Ld. CIT(A) has erred in law and on facts in confirming the disallowance of deduc....

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....appeal for deduction under section 80HHC which ought to have been considered. It be so held now and ground of deduction under section 80HHC be allowed." 2. We will take up all these grounds of appeal together. 3. This is second round of proceedings. In the first round of proceedings, the matter travelled upto the Tribunal but it was sent back to the Assessing Officer with a direction to adju....

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....sfied and is in further appeal before us. 4. We have heard the rival contentions, perused the material on record and duly considered facts of the case in the light of the applicable legal position. 5. As pointed out by the learned counsel. Hon'ble jurisdictional High Court's has, in the case of CIT vs Nirma Limited [(2014) 367 ITR 12 (Guj)], noted that so far as the question "Whethe....

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....of Rs. 70,42,232, which is for a credit period of less than 90 days, and interest of Rs. 1,12,81,882 which is described as 'finance changes' for a credit period of 90 days or more, and it is respect of these items that the claim of the assessee is restricted. The matter being squarely covered by Hon'ble High Court's views so expressed, we uphold the grievance of the assessee and direct the Assessi....