- (1.) As per office report, file was not available on account of fire in the court premises. The file has been reconstructed on the basis of paper book furnished by learned Counsel for the Appellant.
(2.) The Revenue has preferred this appeal under Section 260A of the Income Tax Act, 1961 against the order of Tribunal Delhi Bench E New Delhi passed in ITA No. 7368/Del/1992 filed by the Respondent and ITA No. 7204/Del/1992 filed by the Appellant for the asst. yr. 1988-89, raising following substantial questions of law: Whether the Honble Tribunal was right in law: (i) in allowing the carry forward of loss on the basis of the return filed after time allowed by the AO on extension application; (ii) in allowing the deduction on account of net refund of excise duty; (iii) in dismissing the appeal of the Appellant against the deletion of Rs. 30,34,414 by the learned CIT(A) on account of excise duty refund credited to P&L a/c on accrual basis; (iv) in deleting the car expenses disallowed for personal use by the director; (v) in dismissing the appeal filed by the Appellant against deletion of addition on account of foreign travel expenses.''
(3.) The Assessee filed its IT return on 29th Sept., 1988 which was beyond the extended time allowed upto 31st Aug., 1988. The AO invoked Section 80 of the Act and disallowed carry forward and set off of loss against the income of the subsequent years.;