9911796707
TMI Blog1987 (7) TMI 32X X X X Extracts X X X X X X X X Extracts X X X X ..... ct and the cost of plant and machinery having already been fixed and commissioned to business, the Appellate Tribunal is justified in holding that the payments of Rs. 55,897, .Rs. 1,47,787 and Rs. 1,82,620 form part of the plant and machinery whose acquisition was completed long prior to the previous year for the assessment year 1974-75 ? " The assessment years concerned herein are 1974-75, 1975-76 and 1976-77. Identical questions were referred to this court for the assessment year 1973-74 in R. C. No. 13 of 1979 (see [1988] 172 ITR 552). Bench of this court consisting of Raghuvir J. and Ramanujulu Naidu J. answered the first question in the affirmative, i.e., in favour of the Revenue and against the assessee, and on that basis declined t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entire arrangement was made through the Industrial Credit and Investment Corporation of India Ltd. The arrangement appears to be that the German creditor shall pay the price of the machinery to the French manufacturer. The assessee was to repay the said loan in instalments to be remitted through the ICICI. The assessee had to pay the sum in rupees, i.e., the rupee equivalent of the instalment to the ICICI, which was to remit the instalment in foreign currency. These are the basic facts relevant for the assessment year, 1973-74 (which was the subject-matter of R.C. No. 13 of 1979-[1988] 172-ITR 552) as also for the assessment years 1974-75 to 1976-77 which are the subject-matter of the present reference. There is absolutely no change in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The same questions that are now sought to be referred to the High Court have already been referred to the High Court in R.C. No. 308/ Hyd./1976-77, dated 29-1-1977, for the assessment year 1973-74, and copy of the statements drawn in this reference application will form part of the present statement as 'other document'." We are, therefore, unable to see any distinction between the facts in both the references. We do not, therefore, think it necessary to hear counsel over again on merits, also because the judgment in R.C. No. 13 of 1979 has become final. We cannot take a different view in this referred case. For the above reasons, we answer the first question in the affirmative, i.e., in favour of the Revenue and against the assessee. We ..... X X X X Extracts X X X X X X X X Extracts X X X X
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