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RAJENDRA, D.S.MEENAKSHI SUNDARAM
INSPECTING ASSISTANT COMMISSIONER – Appellant
Versus
CONSOLIDATED PNEUMATIC TOOL CO. (INDIA) LTD. – Respondent
Per Shri D.S. Meenakshisundaram, Judicial Member - In these three appeals, the revenue objects to the decision of the Commissioner (Appeals) deleting the following amounts which were disallowed by the ITO on account of obsolete stocks written off by the assessee in the following three years :
| Assessment year | | Amount |
| | | Rs. |
| 1973-74 | | 2,74,764 |
| 1974-75 | | 1,70,035 |
| 1975-76 | | 2,19,048 |
2. These appeals arise out of the income-tax assessments of Consolidated Pneumatic Tool Co. (India) Ltd., the assessee herein, which manufactures mainly pneumatic tools and air and gas compressors. We are concerned with the assessment year 1973-74 for which the previous year is a period of 15 months commencing from 1-10-1971 to 31-12-1972 and the two subsequent assessment years 1974-75 and 1975-76 for which the previous years ended on 31-12-1973 and 31-12-1974, respectively. There is no dispute that the facts in regard to the addition in question in each of these three years are identical. We find that the department had come up in appeal in the assessment year 1973-74 against the decision of the AAC, deleting the addition of Rs. 2,74,764 in IT Appeal N
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