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TMI Blog2015 (8) TMI 767X X X X Extracts X X X X X X X X Extracts X X X X ..... A of the Income Tax Act, 1961 (the 'Act') challenges the order dated 27 June 2001 for the Assessment Year 1985-86. 2. The appeal was admitted on 23 April 2004 on the following substantial questions of law: "(A) Whether on the facts and circumstances of the case and in law, the Tribunal was justified in directing the Assessing Officer to allow depreciation and investment allowance on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9;CBDT') Instruction NO.3/2011. This Court held that the circular/instruction issued by CBDT would apply to pending appeals. 5. The CBDT has now issued Instruction No.5/2014 wherein it has also been specifically provided that where the tax effect is less than Rs. 10 lacs, the revenue should not file appeal unless it falls within exclusion clause provided therein. Nothing has been shown to us ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any cascading effect as a question of depreciation and investment allowance would have to be considered independently in each assessment year depending upon the facts existing during the year under consideration. So far as Question (B) is concerned, it is in respect of disallowance of expenses incurred on repairs and taxes in respect of motor cars. This again would depend on facts as existing from ..... X X X X Extracts X X X X X X X X Extracts X X X X
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