1997 (3) TMI 634

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....low the claim of depreciation and expenses incurred by the assessee for the assessment year under consideration ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in deciding the issue and in favour of the assessee on the basis of the materials which were produced after the orders of the AO and CIT(A) and could not have been made available by the assessee either to the AO or to the CIT(A) ?" 2. The assessee is a public limited company and for the asst. yrs. 1985-86 to 1987-88, it filed returns claiming loss of Rs. 58,86,185, Rs. 59,41,101 and Rs. 56,32,259 respectively. The assessee claimed deduction of certain expenses and depreciation allowance. The AO rejected the claim of the asses....

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....nd the revival of industry has already taken place and now it is on stream. The Tribunal, therefore, directed the ITO to allow the claim of the assessee for all the three years. 3. The Revenue filed reference applications before the Tribunal seeking it to state a case to this Court and refer the questions of law set out in paragraph 1 above. The Tribunal held that since the finding of the Tribunal that there was a lull in business is a finding on fact, no question of law arose out of the order of the Tribunal. 4. Mr. C. V. Rajan, learned counsel for the Revenue submitted that the Tribunal was not justified in entertaining the new materials at the stage of hearing before the Tribunal and if the Tribunal was satisfied that the case shou....