1995 (11) TMI 25 - HC - Income Tax

Summary

The High Court of Bombay ruled in favor of the assessee on both questions referred by the Income-tax Appellate Tribunal. The first question regarding the computation of disallowable expenditure was answered in favor of the assessee based on a previous court decision. The second question about the claim of share issue expenses as a deduction under section 37(1) was allowed by the court, citing that the expenditure was of a revenue nature and had been incurred in connection with the same issue in a previous assessment year. The court found no issue with the Tribunal's decision to allow the deduction claimed by the assessee.