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TMI Blog2022 (9) TMI 1608X X X X Extracts X X X X X X X X Extracts X X X X ..... he respondent/assessee. The appeal is admitted on the following substantial questions of law :- i) Whether on facts and circumstances of the case and in law, the Hon'ble Tribunal has erred in upholding the order of the Ld. CIT(A) allowing the claim of the assessee for additional depreciation for the previous year amounting to Rs.7,93,98,262/- relying on the NTPC case without corresponding express enabling provision in the statute and without considering the amendment for allowing balance additional depreciation is only prospectively operative from A.Y.-2016-17 ? ii) Whether on facts and circumstances of the case and in law, the Hon'ble Tribunal has erred in holding that Education Cess is allowable deduction under section 40(a)(ii) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4.2002 ? vii) Whether on the facts and circumstances of the case and in law, the Hon'ble Tribunal has erred in summarily rejecting Revenue's Appeal by way of affirming the CIT(A)'s findings and not passing a speaking order with respect to the issue of determination of ALP of interest on loan? On going through the findings recorded by the Commissioner of Income Tax (Appeal) [CIT(A)] and the learned Tribunal, we find that the entire issue is fully factual. Learned Tribunal has, in fact, extracted elaborately the factual findings recorded by the CIT(A) and thereafter proceeded to render its opinion, which is as hereunder :- "20. We have given our thoughtful consideration to rival pleadings against and in support of the CIT (A)'s above ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tracted detailed discussion. 21. It is in this backdrops of facts that we notice that this assessee; engaged in real estate business as well, had claimed the impugned liability provision based on scientific estimation going by the corresponding tabulation in page-122 of the assessment order in assessment year 2012-13 and the very basis stood adopted in the latter assessment year 2013-14. Learned departmental representative fails to dispute that the assessee's impugned provision also confirms AS-7 applicable "accounting for construction contracts" as per various judicial precedents taken note of the CIT(A)'s discussion. Hon'ble apex court's landmark judgment in Commissioner of Income Tax vs. Chainrup Sampatram (1953) 24 ITR 481 (SC) held ..... X X X X Extracts X X X X X X X X Extracts X X X X
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