INDAG RUBBER LTD Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) IN this petition under Arts. 226 and 227 of the Constitution, orders passed by the authorities under the IT Act, 1961 (in short the 'Act') are assailed.

(2.) A reference to the factual aspects in some detail would be necessary. Petitioner filed an appeal before the Commissioner of Income-tax (Appeals) [in short CIT(A)] relating to the asst. yr. 1989-90. One of the points related to the grant of depreciation on amounts which became payable due to fluctuation in foreign currency. By order dt. 31st Jan., 1996, the CIT (A) directed the AO to look into the claim of the assessee and allow depreciation, as per law. Pursuant to the direction given, the AO examined the matter afresh and by order dt. 23rd Sept., 1996 decided part of the issue.