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TMI Blog2017 (6) TMI 1085X X X X Extracts X X X X X X X X Extracts X X X X ..... ade at cost or market value, which ever was lower, is a valid method to be followed and the same is accepted by the Income Tax Department. - Income Tax Appeal No. 25 of 2015 - - - Dated:- 8-6-2017 - S. V. Gangapurwala And G. S. Kulkarni, JJ. Mr. Ashok Kotangle a/w Ms. Padma Divakar for the appellant Mr. Nishant Thakkar a/w Ms. Jasmin Amalsadvala i/b PDS Legal for the respondent ORDER P.C. 1. The appeal relates to Assessment Year 2007-08. 2. The department has assailed the order of the Tribunal on the following questions of law as framed in the appeal memo : (a) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in restricting the disallowance of expenses incurred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n such a provision cannot be claimed as trading loss under Section 37 of the I.T. Act. (d) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in setting aside the issue of depreciation claim in respect of assets involved in sale and lease back transactions entered during the year, to the file of the Assessing Officer by relying on the decision of the Hon'ble Delhi High Court in the case of Cosmo Films Ltd. without appreciating that the facts and findings of the cases are clearly distinguishable to each other, as in the case of Cosmo Films Ltd. a sum was retained by the lessor for the security of the leased equipments whereas in this case the assets were retained in the name of lessor f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome Tax, (1999) 106 Taxman 601. 6. We have considered the submissions canvassed by the learned Counsel for the respective parties. As has been fairly conceded by the learned Counsel for the appellant that ground nos. (a) and (d) do not involve substantial question of law and are already concluded by the judgment of the Division Bench of this Court in Income Tax Appeal No.263 of 2015. 7. So far as ground nos. (b) and (c) are concerned, we do not find that the same would give rise to any substantial question of law. The CIT(A) and the Tribunal had concurrently appreciated the accounting system. The CIT(A) has observed that the Assessing Officer has accepted that the assessee is following lower of cost or market value of closing stock. I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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