IN  THE  HIGH  COURT  OF  DELHI  AT  NEW  DELHI


                    ITA 127/2002


          CIT                                 ..... Appellant.
                                   Through  Ms.Rashmi Chopra.

                              versus

          M/S IFCI LTD                        ..... Respondent
                                   Through  Mr.Ajay Vohra with
                                            Mr.Vinay Vaish.

          CORAM:
          HON'BLE MR. JUSTICE D.K. JAIN
          HON'BLE MS. JUSTICE SHARDA AGGARWAL


                              O R D E R
                             -----------
                            27.09.2002

                 Heard.
                 Admit.
                 The  following  questions of law are framed  for
          adjudication:
          "1.     Whether    on     the    facts    and
                  circumstances  of  the case the  ITAT
                  was  correct  in law in allowing  the
                  deduction  u/s  80M  &  80K   without
                  reducing  from  the dividend  income,
                  the  deduction  as   admissible   u/s
                  36(1)(viii) of the Act?

          2.      Whether  ITAT  was correct in law  in
                  allowing    the      deduction    u/s
                  36(1)(viii)  of the Act to the extent
                  of  40%  of   the  income  determined
                  without   restricting    the   amount
                  transferred  to  the reserve  created
                  during the year?

          3.      Whether    on     the    facts    and
                  circumstances   of  the    case   the
                  Tribunal  was correct in awarding the
                  allowance  of  Rs.72,574/- being  the
                  amortization  expenses  incurred  for
                  acquiring  lease  hold  land  by  the
                  assessee?"

                 Insofar  as questions Nos.C and D as proposed by
          the  Revenue  are concerned, in our view these  do  not
          arise from the order of the Tribunal.
                 The appellant shall file within three months ten
          copies  of the cyclostyled paper books, containing  all
          documents  on  which  reliance was  placed  before  the
          Tribunal,  including  any order/orders, either  in  the
          case  of  the assessee itself or in case of  any  other
          assessee, which has been followed by the Tribunal.
                 The  appeal be listed for hearing in the regular
          course.


                                         D.K. JAIN, J



                                         SHARDA AGGARWAL, J
          SEPTEMBER 27, 2002
          'ss'