2002 (9) TMI 36

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....J.-Two questions have been referred to us at the instance of the assessee. The assessment year is 1990-91. The questions are : "1. Whether, on the facts and circumstances of the case, the Appellate Tribunal was right in sustaining the action of the lower authorities in denying the deduction under section 37(1) of the Act on the provision for Rs. 8,50,000 created towards breach of certain export....

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....costing Rs. 30,897 and Rs. 1,22,188, respectively, for improved performance of its machines. The splicer was meant to joint the broken ends of the yam and the stripping roller was attached to the carding machines for the purpose of cleaning. The Tribunal, rejecting the assessee's appeal, did so on the ground that they were new items and were independent of the existing machines. It overlooked the ....