1984 (2) TMI 3 - HC - Income Tax

Summary

The High Court of Bombay dismissed the application directing the Income-tax Appellate Tribunal to refer questions regarding plant and machinery and brokerage deductions. The Tribunal's decision on tyre-cord being an "automobile ancillary" was upheld based on factual evidence. The Tribunal also found the brokerage payment genuine and customary in the market, leading to the dismissal of the application. The ruling was in line with the Supreme Court decision in CIT v. Nirlon Synthetic Fibres and Chemicals Ltd. (1981) 130 ITR 14.