IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH. ITR No.91 of 1996 Date of decision: 23.7.2010 M/s Industrial Cables (India) Limited, Rajpura -----Petitioner Vs. The Commissioner of Income Tax, Patiala ----Respondent CORAM:- HON'BLE MR JUSTICE ADARSH KUMAR GOEL HON’BLE MR. JUSTICE ALOK SINGH Present:- Mr. Pankaj Jain, Advocate for the assessee. Adarsh Kumar Goel,J. Following question of law has been referred for opinion of this Court by the Income Tax Appellate Tribunal, Chandigarh Bench, arising out of its order dated 28.7.1995 in ITA No.636 of 1990, for assessment year 1988-89:- “Whether, on the facts and circumstances of the case, the ITAT was right in law in coming to the conclusion that the debt raised from the bank for the purchase of plant and machinery which remained unpaid during the accounting period, was not to be taken into account for purposes of allowing deduction under section 32AB of the Income Tax Act to the assessee?” Learned counsel for the assessee points out that the issue has already been decided against the assessee by judgment of this Court ITR No.91 of 1996 dated 20.9.2006 in Industrial Cables India Limited v. CIT, (2008) 304 ITR 272. In view of above, the question referred is answered in favour of the revenue and against the assessee. The reference is disposed of accordingly. (Adarsh Kumar Goel) Judge July 23, 2010 (Alok Singh) ‘gs’ Judge 2 ITR No.91 of 1996 3