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Judgment
This appeal was admitted on 18th June, 2007 on the
following substantial questions of law:-
(a) Whether the Tribunal is right in law in
confirming the addition of Rs. 4,28,678/- out of the claim of
depreciation?
(b) Whether the Tribunal was justified in
confirming the disallowance made by the Assessing Officer
at Rs. 39,65,889/- being expenditure not allowable as
pertaining to earlier years although the liability of which
had crystallized in the assessment year 1999-2000?
Shri Dewani, learned counsel appearing for the assessee
submits that substantial question of law at Sr. No. (a) is covered against
the assessee in Income Tax Appeal No. 100/2004 decided on
08.09.2017. Hence, the appeal to that extent is dismissed.
So far as the substantial question of law at Sr. No. (b) is
concerned, it is covered by our decision rendered in ITL No. 121/2066
decided just now today itself. The question is answered in favour of the
assessee. As a consequence of it, the expenses of Rs. 39,65,889/- are
required to be allowed by setting aside the order of disallowance.
In the result, the appeal is partly allowed answering the
substantial question of law at Sr. No. (b) in favour of the assessee.
The order of disallowance the expenditure of Rs. 39,65,889/- is
quashed and set aside. The Assessing Officer to allow such
expenditure for the concerned assessment year of 1999 - 2000.