1988 (6) TMI 22

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....d by the Income-tax Appellate Tribunal under section 256(1) of the Income-tax Act, 1961. They are as under : "(1) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the amount of Rs. 31,26,459 being excess levy sugar price collected by the assessee cannot be considered to be the income of the assessee-company ? (2) Whether, on the ....

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....erative Sugars Ltd. [1987] 163 ITR 420. Coming to the second question, the relevant facts are : the assessee claimed deduction of two items, i.e., Rs. 40,296 and Rs. 5,883, as, difference in exchange being the loss suffered on account of fluctuation in the bank rate of foreign exchange. The Income-tax Officer disallowed the said claim for deduction holding that they represented losses suffered by....

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....eciation including extra shift allowance if the asset qualifies for the same." The Tribunal has held, and in our opinion rightly, that the direction given by the Commissioner of Income-tax (Appeals) cannot be understood as holding that the assessee-company is entitled to depreciation including extra shift allowance or development rebate. What the first appellate authority has done is merely to re....