Law:

Section:

Section 40A, read with section 256 of the Income-tax Act, 1961 - Business disallowance - Whether question as to whether Tribunal was correct in law in deleting disallowance on account of interest pertaining to period prior to commencement of production in respect of acrylic, cement, SSF and nylon tyre cord plants, was a question of law - Held, yes - Whether question as to whether Tribunal was correct in law in holding that assessee was entitled to full insurance charges on the machinery installed in the premises when in assessment year 1975-76, on similar facts, the Tribunal had confirmed the disallowance to extent of fifty per cent, was a question of law arising out of Tribunal's order - Held, yes - Whether question as to whether Tribunal was correct in law in confirming order of Commissioner (Appeals) in deleting disallowance treated as income of assessee on account of security deposit of cops, was a question of law arising out of Tribunal's order - Held, yes Section 143, read with section 256 of the Income-tax Act, 1961 - Assessment - Additions to income - Whether, question as to whether Tribunal was correct in law in confirming order of Commissioner (Appeals) in deleting addition out of legal charges, was a question of law arising out of Tribunal's order - Held, yes Section 32, read with section 256 of the Income-tax Act, 1961 - Depreciation - Allowance/Rate of - Whether question as to whether Tribunal was correct in law in directing Income-tax Officer to allow depreciation on SSF and tyre cord units at rate of 15 per cent as against 10 per cent, was a question of law arising out of Tribunal's order - Held, yes CASES REFERRED TO Lohia Machines Ltd. v. Union of India [1985] 152 ITR 308 (SC) and CIT v. J.K. Synthetics Ltd. (No. 1) [1990] (1990) 181 ITR 505 (Delhi). D.K. Jain and R.N. Verma for the Applicant. P.N. Monga for the Respondent. JUDGMENT B.N. Kirpal, J.-In this petition under section 256(2) of the Income-tax Act, the petitioner seeks a direction to the effect that the Tribunal should be asked to refer the following questions of law to this court: (i)Whether the Income-tax Appellate Tribunal was correct in law and on facts in deleting the…

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