TaxTMI 
TaxTMI 
2024 (3) TMI 1330
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....r on the facts and circumstances of the case and in law, the ITAT is justified in deleting disallowance of expenses written off, by differing from the laws laid down in the case of TRF Ltd. vs. CIT [323 ITR 397], where it was held that the debts written off is only allowable if the assessee offers the same as income in previous years, which the assessee failed to prove?" b) Whether on the facts and circumstances of the case and in law, the ITAT was right in setting aside the issue of write off of investment on windmills as revenue expenditure by the assessee, when the facts are already available with the tribunal and the issue could have been decided on merit?" c) Whether on the facts and circumstances of the case and in l....
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....red by the decision of the Apex Court in TRF Limited (Supra) and also by the decision of this Court in Director of Income Tax (International Taxation) v. Oman International Bank [2009] 313 ITR 128 (Bom). Mr. Srihari submitted, therefore, there can be no substantial question of law on this issue. We have considered the same and also Mr. Suresh Kumar agrees. 4. As regards the second question proposed, assessee had claimed by way of additional grounds that the expenses on windmill be allowed as Revenue expenditure. The ITAT had restored the issue back to the Assessing Officer ("AO") for fresh consideration and Mr. Srihari states, the AO, while giving effect to the order of the ITAT has allowed depreciation on windmills and, therefore, this ....
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....resting passage from Hoystead v. Commissioner of Taxation [1926] AC 155 (PC) wherein it was said (Page 328 of 193 ITR): "Parties are not permitted to being fresh litigation because of new views they may entertain of the law of the case, or new versions which they present as to what should be a proper apprehension by the Court of the legal result either of the construction of the documents or the weight of certain circumstances. If this were permitted, litigation would have no end, except when legal ingenuity is exhausted. It is a principle of that that this cannot be permitted and there is abundant authority reiterating that principle. Thirdly, the same principle - namely, that of a setting to rest rights of litigants, applies to t....
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....he Tribunal in favour of the assessee and did not pursue the matter any further but in respect of some assessment years the matter was taken up in appeal before the Bombay High Court but without any success. That being so, the Revenue cannot be allowed to flip-flop or the issue and it ought let the matter rest rather than spend the taxpayers money in pursuing litigation for the sake of it. 32. Thirdly, the real question concerning us is the year in which the assess is required to pay tax. There is no dispute that in the subsequent accounting year, the assessee did make imports and did derive benefits under the advance licence and the duty entitlement pass book and paid tax thereon. Therefore, it is not as if the Revenue has been de....