M/S Industrial Cables (India) Limited, Rajpura v. The Commissioner Of Income Tax, Patiala

IN THE HIGH COURT OF PUNJAB AND HARYANA ATCHANDIGARH. ITR No.91 of 1996 Date of decision: 23.7.2010 M/s Industrial Cables (India) Limited, Rajpura -----Petitioner Vs. The Commissioner of Income Tax, Patiala ----Respondent CORAM:- HON'BLE MR JUSTICE ADARSH KUMAR GOELHON’BLE MR. JUSTICE ALOK SINGH Present:-Mr. Pankaj Jain, Advocate for the assessee. Adarsh Kumar Goel,J. Following question of law has been referred for opinion ofthis Court by the Income Tax Appellate Tribunal, Chandigarh Bench,arising out of its order dated 28.7.1995 in ITA No.636 of 1990, forassessment year 1988-89:- “Whether, on the facts and circumstances of thecase, the ITAT was right in law in coming to theconclusion that the debt raised from the bank for thepurchase of plant and machinery which remainedunpaid during the accounting period, was not to betaken into account for purposes of allowing deductionunder section 32AB of the Income Tax Act to theassessee?” Learned counsel for the assessee points out that the issuehas already been decided against the assessee by judgment of this Court dated 20.9.2006 in Industrial Cables India Limited v. CIT, (2008) 304 ITR 272. In view of above, the question referred is answered in favour of the revenue and against the assessee. The reference is disposed of accordingly. (Adarsh Kumar Goel) Judge July 23, 2010‘gs’ (Alok Singh) Judge