TMI Blog2010 (4) TMI 238X X X X Extracts X X X X X X X X Extracts X X X X ..... missioner (Appeals) upheld the view taken by the Assessing Officer and the Tribunal decided the issue in favour of the assessee. Thus the revenue filed the appeal. Held that- the appeal and allowing the applications, that if in respect of assessment year 1990-91 the Revenue had accepted the order of the Commissioner (Appeals) then it followed that in respect of the earlier year the same principle would apply. once the revenue had accepted the view of the Commissioner (Appeals) in respect of the assessment year 1990-91 then it was not open to the revenue to challenge the similar finding and deviate from its earlier stand. Even on the merits the question of law appear to be covered in favour of the assessee and against the revenue. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appearance on behalf of the non applicant-appellant and could not controvert the averments made in the application. It has not been disputed that the order dated January 4, 1999, passed by the Commissioner of Income-tax (Appeals) has attained finality in respect of the assessment year 1990-91. Main appeal 4. Coming to the main appeal, it is pertinent to notice a few facts in respect of the assessment year 1989-90. The assessee had filed return on December 29, 1989, declaring the income (loss) of Rs. 2,27,31,201 and income under section 115J of the Act amounting to Rs. 1,60,00,606. However, the return was revised on February 22, 1991, declaring a total income (loss) of Rs.3,99,31,911 and income under section 115J of the Act was dec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in this ground is fully covered in favour of the assessee by the ratio of the decision in the case of Asst. CIT v. Bell Ceramics Ltd. as facts of that case were identical. In that case the assessee had charged depreciation on straight line method in the printed copy of the profit and loss account laid before the annual general meeting but in the profit and loss account prepared for the purpose of section 115J it had adopted written down value method for depreciation as provided for the Income-tax Act. The Assessing Officer did not allow the assessee's claim and worked out the book profit on the basis of printed copy of the profit and loss account and the Commissioner of Income-tax (Appeals) allowed the relief to the assessee. The Bench cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see." 7. The Revenue feeling aggrieved by the order of the Tribunal preferred two appeals being I. T. A. No. 46 of 2003 in respect of the assessment year 1989-90 and I. T. A. No. 47 of 2003 in respect of assessment year 1988-89 under section 260A of the Act. The appeals were admitted on the following question of law: "Whether on the facts and in the circumstances of the case, the hon'ble Income-tax Appellate Tribunal was right in law in rejecting the method adopted by the Assessing Officer for working out the 'book profit' under section 115J(1A) of the Income-tax Act, 1961 as per requirement of section 205 of the Companies Act, 1956 read with Parts II and III of Schedule VI to the Companies Act, 1956 and in allowing the WDV method adopt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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