1989 (7) TMI 34

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....me-tax Appellate Tribunal was right in law in accepting the contention of the assessee that it is engaged in the manufacture or production of a petrochemical covered by entry No. 18 of the Fifth and Sixth Schedules to the Income-tax Act, 1961, even after the assessee agreed that, in common parlance, nylon yarn manufactured by it is artificial silk ? (3) In the absence of any finding that classification of nylon yarn as artificial silk and/or textile material or article was perverse or illegal, was the Tribunal justified in law in determining a different classification for nylon yarn as a petrochemical so as to enable the assessee-company to obtain special benefits of a priority industry under section 80-1 and development rebate at a higher....

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....re amount was debited to the profit and loss account without reference to actual consumption thereof ? (8) Whether the finding of the Tribunal that the entire claim of the assessee amounting to Rs. 62,77,833 in respect of repairs of machinery is business expenditure deductible from its profits is based on any relevant evidence or is vitiated being contrary to evidence on record ? (9) Whether the finding of the Tribunal that, out of the entire claim of the assessee amounting to Rs. 62,77,833 in respect of expenditure on repairs to machinery, the sum of Rs. 52,77,833 represents the expenditure on repairs to machinery during this year and the balance of Rs. 10 lakhs is to be considered as part of the opening stock of the next year is based o....