2004 (9) TMI 14

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..... - 3. Whether Tribunal has correctly interpreted rule 6D(2) while disallowing a sum of Rs. 2,000 out of the travelling expenses?" - This question is also answered in the affirmative, i.e., against the assessee - Whether Tribunal is right in allowing initial depreciation on the construction of cycle stand for workers (cable unity as well as for that of (XLPE unit) which items have not been specifically mentioned in section 32(1)(iv)?" – This question is answered in the affirmative, i.e., against the Revenue and in favour of the assessee.
Judge(s) : N. K. SUD., S. S. GREWAL. JUDGMENT The judgment of the court was delivered by N.K. Sud J. - In these cross references filed by the assessee as well as the Revenue, the Income-tax Appellate .....

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..... le stand for workers (cable unit) 57,391 (ii) Cycle stand to workers (XLPE unit) 42,847 (iii) Water cooler places 13,502 The Assessing Officer did not allow the claim of the assessee, as according to him, neither the cycle stands nor water cooler places were covered in any of the items referred in section 32(1)(iv) of the Act. The Commissioner of Income-tax (Appeals) confirmed the order of the Assessing Officer. On further appeal by the assessee, the Tribunal, following its earlier order in the case of the assessee itself for the assessment year 1978-79, allowed the claim of the assessee in respect of the cycle stands. However, the Tribunal held that the assessee was not eligible to claim initial depreciation on water cooler places as th .....

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..... assessee's reference is answered in the affirmative, i.e., against the assessee and in favour of the Revenue. Similarly question No. 1-A is also answered in the affirmative, i.e., against the Revenue and in favour of the assessee. Question No. 2: Counsel for the assessee fairly concedes that in view of the incorporation of clause (iiia) in section 28 of the Act with effect from April 1, 1962, profit on sale of import entitlements has been rightly included in the total taxable income of the assessee. Accordingly, this question is answered in the affirmative, i.e., against the assessee and in favour of the Revenue. Question No. 3: The assessee engaged certain professional retainers who were the employees of the assessee-company. While all .....

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