9911796707
TMI Blog1983 (1) TMI 101X X X X Extracts X X X X X X X X Extracts X X X X ..... the sale of import quota of cotton under the yarn pool scheme and incentive under the Export Promotion Scheme respectively. At the time of hearing, the ld. counsel for the assessee was fair enough to state that in view of the decision of the Hon'ble Allahabad High Court in the case Agra Chain Manufacturing Company (1978) 114 ITR 840 (All), he cannot possibly dispute the action of the IT Authorities. However, he hastened to state that since the similar matter is pending before the Hon'ble Supreme Court, the assessee has taken up these grounds with a view to keep the matter alive. The ld. representative for the department, on the other hand, supported the action of the IT Authorities. 5. In view of what is stated above and respectfully fol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent made by the STO(VI), Kanpur. He, therefore, urged that the assessee should be allowed to claim deduction of Rs. 14,698. The ld. representative for the department, on the other hand, once again relied on the order of the CIT(Appeals) and justified his action. In this connection, he further submitted that since the additional liability of sales-tax did not pertain to the year under consideration, the same cannot be allowed as a deductible expenditure in computing the total income of the assessee under the Act. 8. We have carefully considered the rival submissions of the parties and we do not find any substance in the submissions made on behalf of the assessee. It is pertinent to note that the additional liabilities under the sales-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case of M/s Happy Sound Industries, he cannot possibly challenge the decision of the CIT(Appeals) on this point. However, he hastened to state that since the reference is pending in the Hon'ble High Court against the said order of the Tribunal, the assessee has taken up this ground with a view to keep the matter alive. The ld. representative for the department, on the other hand, supported the action of the IT Authorities. 11. We have considered the rival submissions of the parties and in view of what is stated above as well as following the order of the Special Bench of the Tribunal in the case of Happy Sound Industries, we have no hesitation in upholding the order of the CIT(Appeals) on this point. 12. In the result, the appeal is d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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