COMMISSIONER OF INCOME TAX Vs. INSILCO LTD.

JUDGEMENT

(1.) 3572/Del/2002 for the asst. yr. 1999 -2000.

(2.) Learned counsel for the Revenue has raised two issues for our consideration. The first issue is whether the Tribunal was correct in allowing depreciation to the assessee on the increase in the cost of plant and machinery due to increased liability on account of foreign exchange rate fluctuation on the last date of the accounting year. Learned counsel for the Revenue submits that this issue is required to be decided against the Revenue in view of the decision of this Court in ITA CTR (Del) 354 - -Ed.]. Following the decision of this Court, no substantial question of law arises in respect of this issue.

(3.) The second issue concerns the deletion of an addition of Rs. 18,27,957 made by the AO to the book profits on account of provision for bad debts by invoking the provisions of Expln. (c) to s. 115JA(2) of the IT Act, 1961. We find from the assessment order that the AO has given absolutely no reason for making the addition, which has been made only in the computation.