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TMI Blog2013 (9) TMI 884X X X X Extracts X X X X X X X X Extracts X X X X ..... UDGMENT (Delivered by Hon'ble Dr. Satish Chandra) Present appeal under Section 260-A of the Income Tax Act 1961, has been preferred against the judgment and order dated 14.07.2010 passed by the Income Tax Appellate Tribunal, Lucknow in ITA No.2/Luc/2010 for the Assessment Year 2004-05. On 18.08.2011, a Coordinate Bench of this Court has admitted the instant appeal on the following substantial q ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee as a business expenditure. So, he made an addition of Rs.14,71,199/-, which was confirmed by the first appellate authority. However, the Tribunal has deleted the said addition. Sri D. D. Chopra, learned counsel for the department has justified the order of the A.O. He at the strength of written submission, submits that the Scholarship was given to only one student namely, Akash Kuma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A. So, he was selected by the Board of Directors for granting the foreign Scholarship. As per the terms and conditions, the candidate was bound to complete the course, otherwise, the amount was to be refunded with interest @10%. The bond was executed by the student. Sri Akash Kumar was not the relative of any Director. He also submits that the tax effect is less than the prescribed limit. Lastly, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat business has increased tremendously. It means that by providing foreign Scholarship, more students were attracted. It is a business strategy/intelligentsia. Needless to mention that the yardstick will have to be seen from the businessman's point of view, as observed in the case of CIT v. M/S. Walchand & Co. (Pvt.) Ltd.; 65 ITR 381 SC as well as in the case of Voltamp Transformers P. Ltd. v. C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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