2007 (8) TMI 311

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.... The judgment of the court was delivered by RAJESH BINDAL, J. - In this reference, the Income Tax Appellate Tribunal, Chandigarh Bench, Chandigarh (for short "the Tribunal") vide its order dated 11.7.1988 arising out of I.T.A. No. 502/Chandi/87 has referred the following question of law under Section 256(1) of the Income Tax Act, 1961 (for short "the Act) for the assessment year 1982-83 for opi....

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....as business income. Accordingly, the investment allowance of Rs. 7,23,723/-, other expenses amounting to Rs. 50,111/- and extra shift allowance on plant and machinery amounting to Rs. 1,15,865/- were wrongly allowed by the Inspecting Assistant Commissioner (Asstt.). As the above deductions were not admissible against the lease income, proceedings under Section 263 of the Act were initiated by the ....

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.... 3. A perusal of order of the Tribunal shows that there is finding of fact that earlier proceedings initiated under Section 263 of the Act and the proceedings initiated subsequently were not on different issues as the same relate to only one issue. The perversity of these findings is not an issue in the present case. 4. While deciding I.T.R. No. 35 of 1991 (The Commissioner of Income-Tax v. M/s....