KESORAM INDUSTRIES LIMITED vs. PRINCIPAL COMMISSIONER OF INCOME TAX 2

This appeal was admitted by this Court by an order dated 24th November, 2021. This appeal relates to assessment year 2008-09 which was admitted by this Court by an order dated 24th November, 2021 on the following substantial questions of law : “I) Whether on the facts and in the circumstances of the case, the order of the Tribunal is erroneous casa being perverse in reversing the order of the C.I.T(A) on the basis of the decision of the Hon’ble Supreme Court where the question for consideration was not allowability under Section 37(1) of the Act as was in the present case? II) Whether on the facts and in the circumstances of the case the order of the Tribunal was erroneous in not properly appreciating the decision of the Hon’ble Supreme Court in RE : Ramaraju Surgical Cotton Mills. (294) ITR 328) a later decision of the Hon’ble Supreme Court and

Identical question being inter parties have been decided today by this Court in ITA 373 of 2009 and both the questions have been answered against the assessee and in favour of the revenue. 3. Respectfully following our judgment in ITA 373 of 2009 passed today, both the afore-quoted substantial questions of law are answered against the assessee and in favour of the revenue. The appeal has no merit and is, therefore, dismissed.