2017 (10) TMI 1324

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....pellant : Mr. Rahul Kaushik, Advocate. For the Respondent : None ORDER 1. The Revenue urges four questions in its appeal under Section 260A. The first relates to addition on account of the sums received upon encashment of bank guarantees. The ITAT held that such additions were unjustified because the income could not be approved as the dispute is pending litigation and final adjudicati....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he Revenue's contentions were rejected for previous years in Container Corporation of India Ltd. v. ACIT, 346 ITR 140. So far as the rolling stock is concerned, ITAT has relied upon its previous ruling. 5. The last question urged is with respect to amortized depreciation. The ITAT correctly, in our opinion, applied Section 32 of the Income Tax Act, 1978. No question of law, therefore, arises. ....