2012 (4) TMI 651 - HC - Income Tax

Summary

Issues involved: Appeal u/s 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal for the Assessment Year 1994-95.

First Issue - Capital Expenditure:
The Revenue challenged the Tribunal's decision to delete the addition of Rs. 3,15,85,310 made on account of capital expenditure. The Tribunal's decision was based on previous rulings in favor of the assessee. The senior advocate for the Revenue acknowledged that a previous appeal was withdrawn for correction of an alleged mistake by the Tribunal. The High Court upheld the Tribunal's decision, stating that the Revenue could file a miscellaneous application if needed.

Second Issue - Set-off of Loss and Depreciation:
The Revenue also contested the Tribunal's deletion of the disallowance of set-off of unabsorbed loss, depreciation, and investment allowance of Shriram Cement Limited. The Tribunal noted that the departmental representative did not dispute the lack of opportunity given to the assessee to furnish a required certificate. The Tribunal referred the matter back to the Assessing Officer for further consideration. The High Court found no substantial question of law involved and summarily dismissed the appeal, allowing the Revenue to file a miscellaneous application if necessary. The Court clarified that they did not address the issue of any inadvertent error apparent on the record.