2012 (7) TMI 299

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..... enue in this appeal under Section 260A of the Income Tax Act, 1961 ('Act', for short) impugns the order dated 31.07.2008 passed by the Income Tax Appellate Tribunal ('Tribunal', for short) in the case of Nextgen Communication Sprint RPG India Ltd. formerly known as Sprint RPG Limited. The appeal pertains to assessment year 1998-99. 2. The learned counsel for the appellant has drawn our attention .....

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..... sessee had deposited the following amount in the financial years 1994-95 to 1996-97: - F. Year Telephone deposits made during the F. Year Amount written off during the F. Year 1994-95 1,37,96,141/- 45,98,713.67 1995-96 28,63,930/- 9,54,643.33 1996-97 14,79,000/- 4,93,000.00 4. As is apparent from the aforesaid table, the assessee did not claim the OYT deposit as an expenditure in t .....

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..... unal has noticed that the assessee has been regularly following the policy of writing off the OYT deposits in the following three years without any objection from the department. In Madras Industrial Investment Corporation Ltd. v. CIT, (1997) 225 ITR 802 (SC), writing off the discount on debentures over the years for which the debentures were issued was held to be an accepted accounting practice. .....

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