KALYAN JYOTI SENGUPTA J.

( 1 ) BY this writ application the petitioner challenged the impugned notice dated May 15, 2002, in relation to the assessment year 1994-95 under the Income-tax Act, 1961, (hereinafter referred to as "the said Act"), and also proceedings, notices and orders thereunder, issued by the Assistant Commissioner of Income-tax, Circle-V, Calcutta (hereinafter referred to as "the Assessing Officer"), asking the writ petitioner to show cause as to why depreciation claimed to the extent of Rs. 19,16,50,036 and also the amount of expenditure incurred for travel tour of the managing director should not be disallowed, as it does not fall within Explanation 3 to Section 43 of the said Act. The short facts, which have led to the filing of this application, are stated hereunder.

( 2 ) THE first petitioner during the financial year of 1994-95 purchased numerous electric meters on different dates from the Gujarat Electricity Board (hereinafter referred to in short as "the Electricity Board") at a total cost of Rs. 35,10,10,450. 63 without taking physical delivery of the same. The first writ petitioner thereafter by two separate lease agreements let the same on hire to the s

Click Here to Read the rest of this document