2004 (1) TMI 10

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..... mined the matter in detail and pointed out on facts that interest has not accrued and, in any event, tax will have to be paid by the assessee on the maturity of the bond – Tribunal has given reasons and it decided on the facts and, therefore, no question of law would arise – further, it would not be possible to say that the Tribunal has committed any error in so far as the allowance of retrenchmen .....

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..... ero coupon bonds as it was shown in the books of accounts of the assessee and the question whether retrenchment compensation paid to workmen would be admissible for the benefits under the Income-tax Act, 1961, as business expenditure when there was a closure of one type of business of the assessee. As regards the third question, the assessee was maintaining common books of accounts and funds wer .....

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..... bond. It is also interesting to note that these bonds are saleable in the market. So at any time these bonds can be disposed of. The Tribunal, in para. 4.2, has given reasons and it decided on the facts and, therefore, no question of law would arise. So far as depreciation at the higher rate is concerned, we were taken through various decisions to point out that the vehicles were not used by the .....

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