CIT vs. THOMSON PRESS INDIA LTD

Date of Order : 07.11.2002

Present: Mr.R.D.Jolly for the appellant Mr.Prakash Kumar for the respondent.

CASE NUMBER : ITA No.252/2002

Having heard learned counsel for the parties, we are of the view that a substantial question of law does arise from the order of the Tribunal. Admit. The following question is framed for adjudication. "Whether the Tribunal was correct in law in allowing the claim of investment allowance and depreciation allowance in respect of the amounts capitalized, either on account of payment or on accrual basis representing the increase in the liability on account of variation in exchange rates?"

The appellant shall file within three months ten copies of the cyclostyled paper books, containing all documents on which reliance was placed before the Tribunal, including any order/orders, either in the case of the assessee itself or in case of any other assessee, which has been followed by the Tribunal. The appeal shall be heard along with ITR No.41/98 in the regular course.

D.K. JAIN, J

SHARDA AGGARWAL, J NOVEMBER 07, 2002 'ps'