1994 (11) TMI 191

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..... CIT(A) vide his order dt. 1st Sept., 1994 observed that in respect of the deduction claimed by the assessee under s. 80HHC(4A) further examination was necessary. He also observed that the Assessing Officer has not given any reasons for not considering the claim regarding depreciation. Thus, in respect of this claim of the assessee, the learned CIT(A) has not expressed his opinion in view of the detailed discussion given by him in his order at paras 1, 1.1 and 1.2. 3. The next issue on which the assessee agitated and was in appeal before the learned CIT(A) was regarding the allowability of interest paid to the Department. As regards this issue, the learned CIT(A) has observed the figures of interest are in dispute and was also of the opinio .....

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..... proceedings till the Tribunal adjudicates upon the CIT(A)'s order. 7. Shri N.M. Ranka, learned counsel for the assessee very strongly opposed the action of the learned CIT(A). His main argument was that it was incorrect on the part of the learned CIT(A) to come to a conclusion that the assessment had been done in a hurry, particularly four hearings had taken place before the Assessing Officer and he had been supplied with all the necessary documents, information, explanations, etc. He further added that the assessee-company is a public limited company, whose accounts are duly audited under the Companies Act as well as the IT Act and during all these years only minor additions/disallowances have been made that too either on technical or le .....

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..... or staying proceeding as will prevent the appeal if successful from being rendered nugatory." 12. There cannot be any dispute about the law laid down by the Supreme Court as above but it is equally important to note as to under which context the Supreme Court had to make such observations. The case before them was that of heavy penalties imposed on the assessee which he was contesting before the Tribunal and hence the Hon'ble Supreme Court felt that if the recovery proceedings were not stayed and the assessee succeeded before the Tribunal it would cause lot of hardship to him. The same case, therefore, does not apply to the facts and circumstances of this case. 13. The other authorities cited by the learned counsel were that of the Patna .....

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