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TMI Blog2024 (2) TMI 282X X X X Extracts X X X X X X X X Extracts X X X X ..... r. Atul K. Jasani. For the Respondent-Revenue : Mr. Suresh Kumar. PC:- The facts in both these appeals are identical and the questions of law proposed are also identical, save and except the amounts differ. Both appeals are also against a common order passed by the Income Tax Appellate Tribunal ("ITAT") on 19th August 2002. Since we have considered the facts in Income Tax Appeal (IT) No. 148 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deduction ?" 3. The ITAT in its impugned order dated 19th August 2002, on the issue at hand, came to a factual finding that the Assessing Officer ("AO"), by allowing deduction of Rs. 980.74 lakhs has allowed Rs. 60,99,426/- as part of Rs. 2,08,08,346/- and therefore, if that amount of Rs. 60,99,426/- was again allowed in the assessment, it would amount to double deduction, which is not permissi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... them at the end of previous year is not treated as expenses in the accounts, but has been separately claimed and allowed in the income tax assessments. In the statement forming part of the appeal paper-book giving month-wise payments of excise duty for Assessment Year 1986-1987, the summary reads as under : Particulars Rs. Opening Balance 1,47,08,920/- Add : Payments debited to Profit & Loss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... them during the previous year ended 29th December 1985. Excise duty paid and included in the closing stock has to be claimed separately as a deduction otherwise appellant would not be claiming the entire excise duty paid in the year of its payment. Section 43B of the Act, which came to be introduced from Assessment Year 1984- 1985 onwards, provides that the excise duty would be deductible only on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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