1987 (7) TMI 32

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.... ? 2. Whether, in view of the fact and the cost of plant and machinery having already been fixed and commissioned to business, the Appellate Tribunal is justified in holding that the payments of Rs. 55,897, .Rs. 1,47,787 and Rs. 1,82,620 form part of the plant and machinery whose acquisition was completed long prior to the previous year for the assessment year 1974-75 ? " The assessment years concerned herein are 1974-75, 1975-76 and 1976-77. Identical questions were referred to this court for the assessment year 1973-74 in R. C. No. 13 of 1979 (see [1988] 172 ITR 552). Bench of this court consisting of Raghuvir J. and Ramanujulu Naidu J. answered the first question in the affirmative, i.e., in favour of the Revenue and against the as....

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...., Kreditanstalt fur Wiederaugbau. This entire arrangement was made through the Industrial Credit and Investment Corporation of India Ltd. The arrangement appears to be that the German creditor shall pay the price of the machinery to the French manufacturer. The assessee was to repay the said loan in instalments to be remitted through the ICICI. The assessee had to pay the sum in rupees, i.e., the rupee equivalent of the instalment to the ICICI, which was to remit the instalment in foreign currency. These are the basic facts relevant for the assessment year, 1973-74 (which was the subject-matter of R.C. No. 13 of 1979-[1988] 172-ITR 552) as also for the assessment years 1974-75 to 1976-77 which are the subject-matter of the present reference....