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TMI Blog1999 (3) TMI 25X X X X Extracts X X X X X X X X Extracts X X X X ..... d by N. K. AGRAWAL J.---This is a petition under section 256(2) of the Income-tax Act, 1961 (for short "the Act"), filed by the Commissioner of Income-tax, Ludhiana, seeking a direction to the Income-tax Appellate Tribunal, Chandigarh (for short "the Tribunal"), to refer the following questions of law relating to the assessment year 1987-88 to this court for opinion : "(1) Whether, on the fac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccount as nil. A claim for depreciation at Rs. 1,89,094 was also made. Since the profit shown by the assessee was nil, the amount of depreciation was to be carried forward to the next assessment year as a loss. Investment allowance was also claimed at Rs. 1,98,304, but that again could not be allowed in the absence of any positive income. The Assessing Officer, relying upon the comments recorded i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer had, on the basis of the audit report only, disallowed the depreciation. Thus, the assessee had not furnished inaccurate particulars of income. The Department went in appeal against the order of the Commissioner but the Tribunal rejected the appeal agreeing with the Commissioner and also relying upon a decision of this court in CIT v. Prithipal Singh and Co. [1990] 183 ITR 69 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ollowing question of law does arise from the order of the Tribunal : "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that penalty was not leviable as the assessee had not furnished inaccurate particulars of income and that there was no taxable income but it was a case where loss was shown by the assessee ?" The Tribuna ..... X X X X Extracts X X X X X X X X Extracts X X X X
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