2004 (1) TMI 10

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....e taxability of interest of Rs. 72,19,086 on zero coupon bonds as it was shown in the books of accounts of the assessee and the question whether retrenchment compensation paid to workmen would be admissible for the benefits under the Income-tax Act, 1961, as business expenditure when there was a closure of one type of business of the assessee. As regards the third question, the assessee was maint....

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....paid by the assessee on the maturity of the bond. It is also interesting to note that these bonds are saleable in the market. So at any time these bonds can be disposed of. The Tribunal, in para. 4.2, has given reasons and it decided on the facts and, therefore, no question of law would arise. So far as depreciation at the higher rate is concerned, we were taken through various decisions to point....