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TMI Blog2014 (4) TMI 348X X X X Extracts X X X X X X X X Extracts X X X X ..... in assessee’s own case for the previous year, it has been held that the decision in Madras Industrial Investment Corporation Limited Versus Commissioner of Income-Tax [1997 (4) TMI 5 - SUPREME Court] followed - the Tribunal allowed proportionate claim of the premium payable on the debentures to be spread over to the period of debenture -the AO is directed to allow proportionate claim of the premium payable – Decided in favour of Assessee. Disallowance of depreciation on WDV – Foreign visitor’s expenses disallowed as capital expenses – Held that:- As decided in assessee’s own case for the previous year, it has been held that the expenditure incurred on foreign visitors form part of the cost of the project therefore would be eligible for d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee. - M.A. No. 77/Mum/2013, I.T.A. No. 334/Mum/1997 - - - Dated:- 4-4-2014 - Shri N. K. Billaiya (AM) And Shri Amit Shukla (JM),JJ. For the Appellant : Shri J. D. Mistri Nitesh Joshi For the Respondent : Shri S. K. Sahu ORDER Per N. K. Billaiya, AM. This Miscellaneous application is by the assessee arising out of the order of the Tribunal in ITA No. 334/Mum/97. With this Miscellaneous application, the assessee sought to bring certain issues which were either not disposed off by the Tribunal or while disposing, some errors have crept which deserve rectification. We will consider the grievance of the assessee one by one. 2. The assessee brings to the notice that while deciding ground No. 10 inadvertently ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s followed the decision of the Hon ble Supreme Court in the case of Madras Industrial Investment Corpn. Ltd. 225 ITR 802 and following the said decision of the Hon ble Supreme Court, the Tribunal allowed proportionate claim of the premium payable on the debentures to be spread over to the period of debenture. Respectfully following the findings of the Tribunal in assessee s own case, we direct the AO to allow proportionate claim of the premium payable in line with the findings of A.Y. 1992-93. Additional ground No. 16 is accordingly allowed. 6. The additional ground No. 17 remained to be disposed. We, accordingly take up additional ground No. 17 which relates to allowance of depreciation on the written down value of foreign visitors exp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... actuary valuation and the agreements between the company and the employees were not examined by the AO. Having accepted these as facts the Tribunal restored the matter back to the files of the AO holding as The AO is directed to examine and verify the actuary valuation certificate and the agreement with the company and the employee and if he finds that the liability has been calculated on a scientific basis, may allow the claim of Rs. 39,30,70,700/-. Ground No. 1 raised by the assessee is allowed for statistical purposes. 11. The Ld. Senior Counsel pointed out that a plain reading of the findings on facts and the directions of the Tribunal sound some ambiguity and contradiction which needs to be clarified. 12. We, accordingly clarif ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the actual payments were higher than the provisions made. However, if the respective expenses are considered individually then excess provision comes to Rs. 40,90,452/- and shortfall in provision comes to Rs. 63,93,927/-. The Ld. Senior Counsel claimed that the excess of the provisions have been reversed in subsequent years and to that extent respective expenses were reduced. It is the say of the Ld. Senior Counsel that the same treatment should be given to any shortfall in the provisions made. This needs to be clarified. 17. In our considered view, there is no error in the finding of the Tribunal which needs rectification. In so far as an excess provision is concerned, the assessee has rightly reversed the excesses in subsequent year ..... X X X X Extracts X X X X X X X X Extracts X X X X
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