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2004 (11) TMI 49 - HC - Income Tax"(1) Whether, Tribunal is right in law in setting aside the order passed by CIT under section 263 and thereby restoring the order passed by the Income-tax Officer? (2) Whether, Tribunal is right in law in holding that the assessee-company is an industrial company? (3) Whether, the Tribunal has not erred in law in allowing the claim of the assessee with regard to the receipt of Rs. 11,78,950 as being provision for contingencies? (4) When Rs. 11,78,950 is a receipt by the assessee from the contractors in the course of carrying on of the business, whether the Tribunal's order to exclude the same is vitiated in law by irrelevant considerations on the basis of the so called standard accounting matters?" - All the four questions are answered in favour of the assessee
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