2017 (5) TMI 259

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....ccounts? (2) Whether in the light of provisions contained in section 37(3) and 37(5) of the I.T. Act, 1961 the tribunal was justified in law in deleting additions made by the Assessing Officer by disallowing the claim of the assessee to depreciation of assets used in guest house amounting to Rs. 17,28,684/-? (3) Whether in the facts and circumstances of the case the tribunal was justified in upholding contention of the assessee for reducing profits of the company by adjusting the alleged loss amounting to Rs. 78,43,000/- by excluding the interest on Government loan and office expenses from the cost of closing stock? (4) Whether the Assessing Officer was justified in making additions of Rs. 8,38,30,000/- by increasing value of closi....

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.... Bench of this Court on 30.1.2009 and a Special Leave Petition giving challenge to that also came to be dismissed on 18.7.2011. In light of the judgment referred above, we are satisfied that the question sought to be agitated is no more res-integra. In light of that the order passed by the Income Tax Appellate Tribunal deserves to be upheld to the extent it relates to deletion of addition made on account of provisions for losses in stores stock, raw material and finished goods. So far as question No.2 is concerned, that pertains to guest house expenses which is disallowed in light of the provisions of Section 37(4) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act of 1961'). The same question between the same parties was exa....