Calcutta High Court
Commissioner Of Income Tax vs Greater Calcutta Gas Supply Corpn. Ltd on 20 November, 2008
Author: Pinaki Chandra Ghose
Bench: Pinaki Chandra Ghose
ITA No. 791 of 2008
IN THE HIGH COURT AT CALCUTTA
Special Jurisdiction (Income Tax)
COMMISSIONER OF INCOME TAX, KOL-III, KOL.
Versus
GREATER CALCUTTA GAS SUPPLY CORPN. LTD.
BEFORE:
The Hon'ble JUSTICE PINAKI CHANDRA GHOSE
The Hon'ble JUSTICE TAPAS KUMAR GIRI
Date : 20th November, 2008.
The Court : After hearing the learned counsel appearing for the
appellant the appeal is admitted and the following substantial questions
of law are referred for adjudication :
a. Whether on the facts and in the circumstances of the case
Tribunal has erred in allowing assessee's claim of Rs. 6,98,21,526/- in
Financial Year 2001-02 on account of depreciation on plant and machinery
which was disallowed by the Assessing Officer and confirmed by the CIT
(Appeals), by disregarding the admitted position that the authority to
capitalize the assets in question was obtained on 9th October, 2002?
b. Whether on the facts and in the circumstances of the case
Tribunal has erred in allowing assessee's claim of interest in respect of
Assessment Year 2003-04, amounting to Rs.9,63,85,616/- on loan obtained
from Govt. of West Bengal which was disallowed by the Assessing Officer
under Section 43B of Income Tax Act, 1961, by holding that by mere
creation of a provision of liability that has not yet been ascertained is
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not allowable under the Income Tax Act, 1961, and which was confirmed by
the CIT (Appeals)?
Let the Paper Book be prepared by the appellant and be served upon
the respondent within 8 weeks from date. Let the appeal appear 10 weeks
hence.
All parties concerned are to act on a xerox signed copy of this order on the usual undertakings.
Urgent xerox certified copy of this order, if applied for, be supplied to the parties subject to compliance with all requisite formalities.
(PINAKI CHANDRA GHOSE, J.) (TAPAS KUMAR GIRI, J.) Kc.
R.O.(ct.)