2014 (11) TMI 850

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..... PATEL, ADVOCATE JUDGEMENT Per: K S Jhaveri: 1. By way of these References, the following point was referred to the Income Tax Appellate Tribunal, Ahmedabad Bench 'B' for consideration:-            "Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the assessee was entitled to d .....

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..... e purchase of any new ship, new aircraft, new machinery or plant, without depositing any amount in the deposit account under clause (a)," 3. Learned Senior Counsel also drew the attention of the Court to the decision rendered by the Patna High Court in the case of Commissioner of Income-Tax v. Chanchani Brothers (Contractors) Pvt. Ltd. reported in 161 Income Tax Reports 418. The relevant part (He .....

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..... posit which reads as under:-     "(3) Every subsequent deposit shall be made into the deposit Office at which the account stands by crossed cheque or demand draft drawn in favour of such office at a bank situated at the place where the deposit office is situated" (Emphasis given)." Learned Senior Counsel therefore, contended that from the records it is clear that the amount was de .....

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