- (1.) By way of this appeal, the assessee has challenged the judgment and order of the Tribunal whereby the Tribunal has allowed the appeal of the revenue.
(2.) This Court while admitting the appeal framed the following substantial questions of law vide order dated 8.9.2004 :- "Whether on the facts and in totality of circumstances, fixed deposits having been made which were charged in favour of the secured creditor, SBI and the fixed deposits were also with SBL, the learned Tribunal was right in law in not netting the interest receipts against interest expenditure and in not setting off the same but taxing the gross receipts of Rs.59,31,141/- ? Whether the directions contained in para 52 to adjust the amount of unabsorbed depreciation of earlier ten years against such profit or short term capital gain on sale of such assets and then find out the remainder, if any, and allow such remainder during the assessment year 1993-94 are not without jurisdiction and invalid in law ?"
(3.) Counsel for the appellant mainly contended that the facts of the matter are that the winding up order came to be passed on 2.12.1983. State Bank of India, the secured creditor's claim of Rs.660.29 lacs was allowed by O.L. vide order dated 25.02.1988. Company Court directed to dispose of the property of the company which came to be disposed of and sale realization from auction of company's assets, having charge of SBI was Rs. 5,76,93,728/-.;