1999 (3) TMI 660

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....ce of the following two questions in this application under section 256(2) of the Income-tax Act : "1. Whether, on the facts and in the circumstances of the case, the Tribunal is correct in holding that there is nothing erroneous or illegal in the system of accounting followed by the assessee in respect of the scrap/waste generated in the manufacturing process ? 2. Whether, on the facts a....

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....rned standing counsel submits that the said decision is distinguishable and does not resolve the controversy. The question whether the amount of ₹ 9 lakhs deposited with the IDBI is deductible under section 32A & B of the Income-tax Act seems to be a debatable question. The learned counsel for the respondent, however, submits that in the light of the amendment of section 28 with retrospectiv....