1996 (5) TMI 16

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....) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), for directing the Income-tax Tribunal, Chandigarh Bench, Chandigarh (hereinafter referred to as "the Tribunal"), to refer the following questions of law along with the statement of the case for the opinion of this court : " 1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was ri....

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....ance of weighted deduction under section 35B on bank interest of Rs. 58,319 and forwarding charges to bank of Rs. 15,440 does not arise out of the order of the Tribunal ?" During the course of the assessment proceedings for the assessment year 1978-79, the following issues came up for the consideration of the Assessing Officer : " 1. The assessee claimed depreciation on tubewell at 10 per ce....

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.... expenses incurred on sea freight of Rs. 12,65,266, freight and other charges from Rajpura to Port of Rs. 6,89,879, insurance charges of Rs. 1,46,109, bank interest of Rs. 58,319 and forwarding charges to bank of Rs. 15,445. Being not satisfied with the order of the Commissioner of Income-tax (Appeals), the Revenue filed an appeal before the Tribunal. The Tribunal upheld the order of the Commis....

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.... of 10 per cent. against which the Assessing Officer allowed the same at the rate of five per cent. by treating the tubewell as part of the building. The case of the Revenue was that a specific rate of five per cent. has been prescribed for tubewells in Appendix I, Part I, read with rule 5 of the Income-tax rules. The Tribunal noticed that the change in the rules was brought about by the Income-ta....