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TMI Blog2018 (4) TMI 141X X X X Extracts X X X X X X X X Extracts X X X X ..... the Tribunal is a reasonable and possible view and Explanation III to Section 43(1) of the Act will not apply in these facts. No substantial question of law. Set off of unabsorbed depreciation of assessment year 1999-2000 against the income for Assessment Year 2008-09 - Held that:- The issue raised by the Revenue stands concluded against it and in favour of the Assessee by the decisions of this Court in CIT v/s. Hindustan Unilever Ltd. [2016 (7) TMI 1245 - BOMBAY HIGH COURT] and Pr. CIT v/s. Hindustan Antibiotics Ltd [2018 (4) TMI 140 - BOMBAY HIGH COURT] - No substantial question of law. - Income Tax Appeal No. 1068 of 2015 - - - Dated:- 5-3-2018 - M. S. SANKLECHA And SANDEEP K. SHINDE,JJ. Mr. Tejveer Singh, for the Appellant. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... duce the actual cost. (ii) The Respondent responded to the notice, pointing out that the new generator sets would costs ₹ 30.50 Crores and the time between procurement to commissioning, would be about 10 months. The power supply which was being received from Kirloskar Oil Engines Ltd., had stopped. This was for the reason that Kirloskar Oil Engines Ltd., decided to close down its power division, in the previous year relevant to subject Assessment Year. This required Assessee to make immediate alternative arrangement for generator sets. The Assessing Officer was not satisfied with the explanation and substituted the purchase value of the generator set from ₹ 5.27 Crores to ₹ 4.05 Crores (written down in the books of Kirl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for purchase of generator sets at ₹ 5.27 Crores was reasonable. This coupled with the facts that Revenue did not make any enquiry to find that the market value of similar generator sets as purchased by the Respondent from Kirloskar Oil Engines Ltd., as found by the Tribunal. We find that the Revenue seems to have proceeded on suspicious rather than on facts to disregard the purchase price of ₹ 5.27 Crores for generator sets and reduce the actual cost. In the above facts, the view taken by the Tribunal is a reasonable and possible view and Explanation III to Section 43(1) of the Act will not apply in these facts. (vii) In the above view, the question (a) as proposed does not give rise to any substantial question of law. Thus, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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