TMI Blog2015 (9) TMI 913X X X X Extracts X X X X X X X X Extracts X X X X ..... nfirming the order of the CIT (A) after holding that Section 234D introduced with effect from 01.06.2003 by Finance Act, 2003 cannot apply to the assessment year under consideration - Held that:- Despite recording the fact that section, 234D introduced with effect from 1.6.2003 by Finance Act, 2003, cannot have retrospective effect, the Tribunal has confirmed the order of the Commissioner of Income Tax (Appeals) in this regard. But, unfortunately, the appellant herein did not take up the matter before the Tribunal as against the order of the Commissioner of Income Tax (Appeals). Therefore, we cannot allow the appellant to raise this question. There is also one more reason for us not to take up that issue. After all, the Tribunal has remitte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Judgment of the Court was delivered by V. Ramasubramanian, J. ) This Tax Case Appeal has been admitted on the following substantial questions of law:- (1) Whether on the facts and in the circumstances of the case the Tribunal was right in law in holding that the appellant is not entitled to deduction of the provision made in respect of Non Performing Assets which are considered irrecoverable? (2) Whether the Appellate Tribunal was justified in not appreciating that the provision made in respect of Non Performing assets if no allowable as a bad debt is allowable as a business loss? (3) Whether on the facts and in the circumstances of the case the Tribunal was justified in remanding to re-examine whether the appellant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . There is also one more reason for us not to take up that issue. After all, the Tribunal has remitted the matter back. Therefore, if permissible in law, it is open to the appellant to take advantage of the finding of the Tribunal. 5. Insofar as question No.3 is concerned, the case of the appellant is that it has a non-banking finance Company which is engaged in the purchase and leasing of commercial vehicles. According to the learned counsel for the appellant, the benefit of higher rate of depreciation under the third proviso to section 34(1) is available even to motor cars, by virtue of explanation (a) under section 32(1). 6. The learned counsel for the appellant also invited our attention to the decision of the Supreme Court in ICD ..... X X X X Extracts X X X X X X X X Extracts X X X X
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