2005 (7) TMI 51

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....and development? 2. Whether, on the facts and circumstances of the case, the Tribunal was legally justified in upholding the order of the learned Commissioner of Income-tax (Appeals) directing the Assessing Officer to allow claim of Rs. 25,43,025 being interest on Government loan which was correctly disallowed by the Assessing Officer? 3. Whether, on the facts and in the circumstances of the case, the Tribunal was legally justified in holding that the expenses of Rs. 7,79,711 relating to earlier years claimed during the year under consideration was liable to be considered in the assessment year 1986-87 which was rightly disallowed by the Assessing Officer for the year under consideration, i.e., the assessment year 1985-86 in the circu....

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....ide his order dated October 17, 1988, had directed the Assessing Officer to allow the claim on actual accrued basis after verification. On further appeal by the Department, the Income-tax Appellate Tribunal vide their present order have confirmed the view of the learned Commissioner of Income-tax (Appeals). The next and the last issue relates to disallowance of Rs. 7,79,711 being the claim of the assessee on account of expenses relating to earlier years, made by the Assessing Officer confirmed by the Commissioner of Income-tax (Appeals) vide his order dated October 17, 1988. On the assessee's appeal, the Income-tax Appellate Tribunal have, although accepting the fact that the claim is not allowable, further opined that the claim of the a....