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TMI Blog2013 (12) TMI 195X X X X Extracts X X X X X X X X Extracts X X X X ..... ER Hemant Gupta, J.(Oral) The present appeal under Section 260-A of the Income Tax Act, 1961 (for short, 'the Act') arises out of an order dated 21.11.2003 passed by the Income Tax Appellate Tribunal, Chandigarh Bench `B', Chandigarh for the assessment year 1995-96. After hearing learned counsel for the parties, we find that the following substantial questions of law arise for consideration:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssed in the assessment year 1994-95, took into consideration stock of equivalent to one month purchases to be available with the assessee and made an addition of Rs.3,20,600/-. The assessee has also claimed preoperative expenses for scooter project, YF-10 Project and BMW Project. The Assessing Officer allowed such expenditure as capital expenditure. In an appeal against the order, the Commissione ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsideration in ITA No.116 of 2004 in the assessee's own case for the assessment year 1994-95. Vide separate order of today, it has been held that the Tribunal was not right in law in deletion of addition on account of closing stocks of stores, repaired items and tools etc. In view of the reasons recorded in ITA No.116 of 2004, the first question of law is answered in favour of the revenue and agai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ility of setting up a paper project at Saharanpur which could not materialise. No asset of permanent nature with enduring benefit was acquired by the assessee. The plant could not be set up to which such an expenditure made could possibly be capitalized." In view of the above, the second question of law is answered against the revenue and in favour of the assessee. The present appeal is, thus, d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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