Date of Order : 07.11.2002
                                                                                                                             
          Present: Mr.R.D.Jolly for the appellant                                                                            
                   Mr.Prakash Kumar for the respondent.                                                                      
                                                                                                                             
                                                                                                                             
CASE NUMBER : ITA No.252/2002

                 Having heard learned counsel for the parties, we                                                            
          are of the view that a substantial question of law does                                                            
          arise from the order of the Tribunal.                                                                              
                 Admit.                                                                                                      
                 The   following   question    is   framed    for                                                            
          adjudication.                                                                                                      
                 "Whether  the Tribunal was correct in law                                                                   
                 in  allowing  the   claim  of  investment                                                                   
                 allowance  and depreciation allowance  in                                                                   
                 respect  of  the   amounts   capitalized,                                                                   
                 either  on  account  of   payment  or  on                                                                   
                 accrual  basis representing the  increase                                                                   
                 in  the liability on account of variation                                                                   
                 in exchange rates?"                                                                                         
                                                                                                                             
                 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  shall  be   heard  along  with  ITR                                                            
          No.41/98 in the regular course.                                                                                    
                                                                                                                             
                                                                                                                             
                                         D.K. JAIN, J                                                                        
                                                                                                                             
                                                                                                                             
                                                                                                                             
                                         SHARDA AGGARWAL, J                                                                  
          NOVEMBER 07, 2002                                                                                                  
          'ps'