9911796707
TMI Blog2001 (7) TMI 85X X X X Extracts X X X X X X X X Extracts X X X X ..... he Revenue under section 256(1) of the Income-tax Act, 1961 (in short "the Act"), by the Income-tax Appellate Tribunal, Delhi Bench "D", Delhi (in short "the Tribunal"), for the opinion of this court: "Whether, on the facts and in the circumstances of the case, and having regard to clause 6 of the partnership deed dated April 1, 1966, the hire charges receivable from the firm should be taken at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under: The party of the first part, i.e., Rani Shaver Poultry Breeding Farms Private Limited, will make available to the firm the use of the assets as per Schedule A attached belonging to it for the period of the duration of this partnership. It is also agreed between the partners that an amount equal to the depreciation on the movable and immovable assets belonging to the party of the first par ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... higher figure. The matter was carried in appeal by the assessee before the Appellate Assistant Commissioner of Income-tax (in short "the AAC"). The said authority held that the Assessing Officer was not justified in reopening the proceedings to take the hire charges at a higher figure. The Revenue carried the matter in appeal before the Tribunal and by its order dated June 30, 1975, in I. T. A. N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been referred for opinion of this court. Learned counsel for the Revenue submitted that the factual background of the present assessment year is different from the previous assessment year and both the Appellate Assistant Commissioner and the Tribunal went wrong in following the earlier orders. Learned counsel for the assessee, on the other hand, submitted that though the dispute for the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... had claimed that the depreciation to be allowed was Rs.1,87,416. This exercise undertaken by the assessee does not in any way affect the requirement of clause 6 which specifically dealt with the amount to be debited to the profit and loss account. Obviously, what was debited to the profit and loss account as depreciation and hire charges was the determinative factor. In that view of the matter, ou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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