2019 (4) TMI 295

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d by the Revenue is still to be admitted and it is pending for nearly nine years. 2. The respondent assessee is engaged in the business of manufacture and sale of automotive tyres, tubes etc., who filed return in respect of the assessment year 1997 - '98, which was followed by a revised return filed on 30.11.1998. The assessment was finalized under Section 143(3) of the Income Tax Act by the assessing officer on 30.03.2000 assessing the total income of Rs. 14,21,00,850/-. This was sought to be challenged by the assessee by filing an appeal before the Commissioner of Income Tax (Appeals), who passed an order on 21.10.2003 granting some reliefs to the assessee, while upholding some additions made by the assessing officer. This was the su....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ideration before this Hon'ble Court, the Tribunal is right in law (vide Sec 268A and 304 ITR 61) in declining to consider the question for the reason stated in the order ? (c) . Whether on the facts and in the circumstances of the case and in the light of Sec. 268A and 304 ITR 61 is not the Tribunal bound to consider the question regarding club expense on merits ? 2. Whether, on the facts and in the circumstances of the case (i) is not disallowance of depreciation on the enhanced cost of equipment due to foreign exchange fluctuations in accordance with law ? ii) is not increase in the liability only notional and not real and hence the Tribunal is right in law in interfering with the disallowance of depreciation on account of var....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....partment in relation to dis-allowance of depreciation on the enhanced cost of equipment due to foreign exchange fluctuation, ordered to be deleted by the Tribunal, following the decision already rendered by the Tribunal in favour of the assessee for the assessment years 1993 - '94, 1994 - '95 and 1995 - '96, it is contended by the appellant that Section 43A of the Income Tax Act would not apply in the instant case, as the increase in the liability is only notional and there is no real increase in borrowing; adding that, the appeals preferred by the Department in respect of some other assessment years are pending before this Court. 7. Referring to the similar contention as raised in similar appeal preferred by the Department, th....