IN THE HIGH COURT OF DELHI AT NEW DELHI 
 12. 
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         ITA 1462/2006  
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 COMMISSIONER OF INCOME TAX      ..... Appellant 
 Through Ms.P.L.Bansal, Advocate. 
 . 
 versus 
 . 
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 ESCORTS FINANCE LTD             ..... Respondent 
 Through Mr.R.M.Mehta, Advocate. 
 . 
 . 
 CORAM: 
 HON'BLE MR. JUSTICE VIKRAMAJIT SEN 
 HON'BLE DR. JUSTICE S. MURALIDHAR 
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 . 
 O R D E R 
                               28.11.2006 
 Admit. 
 Following substantial questions of law arise for consideration: 
 ?1.       Whether ITAT was correct in law in deleting the addition of Rs.192.45 
 lacs made by the Assessing Officer by disallowing write off by the assessee of 
 the income on account of certain debts as per guidelines issued by RBI? 
 . 
 2.       Whether guidelines issued by RBI would prevail over the statutory 
 provisions of the Income Tax Act in the absence of any specific provision? 
 . 
 3.       Whether ITAT was correct in law in allowing the deduction of such 
 income accrued to the assessee on certain debts, which had not become 
 irrecoverable and not written off in the books of accounts? 
 . 
 . 
 . 
 4.       Whether ITAT was correct in law in allowing depreciation to the 
 assessee @ 40% on the vehicles leased out by the assessee? 
 . 
 5.       Whether ITAT was correct in law in allowing depreciation of 
 Rs.84,61,750/- to the assessee on the assets purchased and leased back to the 
 same parties? 
 . 
 6.       Whether ITAT was correct in law in holding that the provisions made by 
 the assessee for bad and doubtful debts, provision for diminution in value of 
 investment, lease equalization charges and income reversals as well as transfer 
 from delinquency reserve could not be added to the book profit while calculating 
 taxable income under section 115JA of the Act?? 
 . 
 The Appellant is directed to file Paper  book within three months, as per 
 rules. 
 List with ITA Nos.7/02, 408/03 and 1387/2006 in regular course. 
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 VIKRAMAJIT SEN, J 
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 S. MURALIDHAR, J 
 NOVEMBER 28, 2006 
 dn