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Judgment
Admit. After hearing the learned counsel for the parties. We are of the view that the following substantial questions of law arise for out consideration:
Whether the Income Tax Appellate Tribunal was correct in law in allowing depreciation to the assessee in respect of the buildings known as World Trade Centre and World Trade Tower u/s 32 of the income tax Act, 1961?
Whether the Income Tax Appellate Tribunal was correct in allowing deferred licence fee of Rs. 48,33,734/- by allegedly ignoring the material fact that these were prior to the period not eligible for deductions even under the mercantile system of accounting.
Whether the Income Tax Appellate Tribunal was correct in law in deleting the addition of Rs. 4,75,00,000/- made by the Assessing Officer as deemed dividend u/s 2(22)(c) of the income tax Act, 1961?
No other substantial question of law arises for consideration. This appeal be tagged along with 11A No. 1079/2006 and ITA No. 271/2005, the appellant shall file the paper books within three months as per rules.