2005 (9) TMI 58

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....Kulshreshtha J.- The Commissioner of Wealth-tax, Indore has filed this appeal under section 27A of the Wealth-tax Act, 1957, which has been admitted on the following substantial question of law: "Whether on the facts and in the circumstances of the case and in law the Income-tax Appellate Tribunal was justified in holding that deduction of the liability to the tune of Rs. 12 lakhs being securit....

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....n agreement with the Banque Nationale De Paris vide agreement dated March 7, 1988, according to which the assessee company had permitted the said Banque to use the licensed premises on the terms and conditions contained in the agreement. Under the said agreement the assessee-company had received a sum of Rs. 12 lakhs without interest subject to its refund, when the licensee vacated the premises. A....

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.... court. Learned counsel for the assessee has raised a preliminary objection on the basis of the decision of the apex court in CIT v. Sarita Agrawal, AIR 2001 SCW 4780; [2001] 167 CTR 105 (SC). In the said decision, their Lordships have observed that when earlier decisions of the Tribunal were not challenged, it was not permissible to the Revenue to assail the subsequent decision on the same poi....

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.... true that for consistency the past assessment may be considered as relevant, the converse is not true. However, in the present case there are other facts and circumstances which ordain deduction of the amount as claimed by the assessee. The Tribunal has duly recorded that in view of the consent decree of the Bombay High Court the said claim has been allowed by the Commissioner of Wealth-tax (A....