9911796707
TMI Blog2009 (7) TMI 679X X X X Extracts X X X X X X X X Extracts X X X X ..... filed by the assessee were grossly incorrect and did not reflect true and correct income of the assessee? 2. Whether on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in law in admitting the claim of the assessee for depreciation in higher rate relying upon the assessee's explanation that machinery comes into contact with corrosive chemicals withou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al questions of law said to be arising out of the order of the Income-tax Appellate Tribunal dated March 22, 1999: "1. Whether on the facts and in the circumstances of the case the Income-tax Appellate Tribunal was justified in deleting the interest of Rs. 15,41,888 charged under section 216 of the Income-tax Act, 1961 without appreciating the fact that the advance tax estimate filed by the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich was reduced on September 15, 1977, to Rs. 352.91 lakhs. However, on December 15, 1977, the assessee filed the estimate of income declaring income of Rs. 529.15 lakhs for the said assessment year. The assessment was made on total sum of Rs. 798.25 lakhs on which interest under section 216 of the Act was also charged. The assessment has been modified in appeal. The matter was taken up before the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and, therefore, it is entitled for higher depreciation. The second question is answered accordingly. 6. Coming to the first question we find that the explanation given by the respondent-assessee as to the filing of the estimated income was genuine and the Tribunal had accepted the same. It may be mentioned here that under section 216 of the Act, levy of interest unlike the interest levied under ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
