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Issues involved: Condonation of delay in filing petition, substantial questions of law referred for adjudication.
Condonation of Delay: The Court expressed satisfaction with the grounds for condonation of delay in the petition and accordingly allowed the application for condonation of delay. Substantial Questions of Law: The appeal was admitted, and several substantial questions of law were referred for adjudication. These questions included issues related to the correctness of decisions made by the Income-tax Appellate Tribunal regarding revenue expenditure, deferred revenue expenditure, donations, disallowances, provision for damaged stock, interest on advances, capital gains treatment, excess price paid for purchases, deduction under section 80HHD, and calculation of interest payable under section 234A of the Income Tax Act, 1961. Procedural Directions: The Court directed the filing of the Paper Book within 8 weeks from the date of the order and scheduled the appeal for hearing 12 weeks later. All parties were instructed to act on a xerox signed copy of the order, and urgent certified copies were to be provided upon application and compliance with formalities.
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