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TMI Blog2007 (3) TMI 253X X X X Extracts X X X X X X X X Extracts X X X X ..... nt and order dated February 28, 2005, passed by the Income-tax Appellate Tribunal, (Delhi Bench "B", New Delhi), in I. T. A. No. 91/Delhi/2002. 2. The substantial questions of law raised in the appeal are as follows: "Whether, on the facts and in the circumstances of the case, the hon'ble Income-tax Appellate Tribunal was legally correct in holding that lowering of profit by changing the valuation of investments on the basis of the RBI guidelines was justified without appreciating the fact that the Assessing Officer was duty bound to compute the income in accordance with the provisions of the Income-tax Act?" "Whether, on the facts and in the circumstances of the case, the hon'ble Income-tax Appellate Tribunal was justified in law i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see. Finally, the Assessing Officer held that the correct income of the assessee for the assessment year in question could only be computed by adopting the method of accounting as regularly employed by it in earlier years and consequently additions of Rs. 27,44,000 were made. Being aggrieved, the assessee preferred an appeal before the Commissioner of Income-tax (Appeals) who partly allowed the appeal in respect of additions made on three points and accordingly a relief of Rs. 22,44,000 was given to the assessee and it was held that the RBI guidelines were binding on the assessee being the change in accounting policies of certain investments declared by the RBI. Being aggrieved by the order passed by the Commissioner of Income-tax (Appeals ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uch as it states that Chapter III-B shall override for all intents and purposes. Hence, the Income-tax Appellate Tribunal has elaborately dealt with each and every ground specifically in the impugned judgment and we are in full agreement with the findings recorded by the learned Tribunal in its judgment. The findings recorded by the learned Tribunal are the findings of fact and do not call for any interference by this court. Therefore, the questions raised in the appeal are accordingly decided in favour of the assessee and against the Department. 5. In view of the above, we dismiss the appeal. The questions framed are answered against the Department and in favour of the assessee. No order as to Costs. - - TaxTMI - TMITax - Income T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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