1999 (4) TMI 16

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....A BABU J.--The facts, as found by the Commissioner, which facts have not been departed from by the Tribunal, are that the appellant-company received deposits from the members of the public and for a portion of the liability, created charge on its fixed assets by entering into a trust deed with some of its directors as trustees and registered the charge as statutorily required, with the Registrar o....

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....ome-tax Act, 1961?" This court in the case of L. G. Balakrishnan and Brothers Ltd. (Combined Industrials Ltd.) v. CIT [2000] 245 ITR 743, in similar circumstances, held that the registration of the charge with the Registrar of Companies under section 125 of the Companies Act, 1956, would prove the creation of a valid charge over the immovable properties of the company and once there is a valid ....

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....answer the questions referred to us in favour of the assessee and against the Revenue. There is one more question and that question is as follows: "Whether, on the facts and in the circumstances of the case, interest paid under deferred payment schemes for the purchase of plant and machinery should be treated as part of the actual cost of assets for the purpose of allowing depreciation and i....