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TMI Blog2013 (12) TMI 540X X X X Extracts X X X X X X X X Extracts X X X X ..... tting up businesses in the State, the role of the appellant would become significant for providing them the necessary finance. The appeal is concluded by findings of fact. No substantial question arises for consideration in this appeal.The deduction was clearly permissible under Section 37(1) of the Act, 1961. - Decided in favor of assessee. - Income Tax Appeal No. - 80 of 2002 - - - Dated:- 30-3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hs made by the Assessing Officer out of total expenditure of Rs.7,47,503-80 being the payment of H.B.T.I., Kanpur for their project. The Tribunal confirmed the order of the CIT (A), against which this appeal has been filed. The appeal was admitted on question nos. 1 and 2 which were to the following effect: "Admit on the following substantial questions of law:- "(1) Whether on the facts and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... geable to tax under the head 'Profits and gains of Business or Profession"? It has been stated by Sri Shambhu Chpra, learned Standing Counsel that similar questions of law have been raised in Income Tax Apeal No. 78 of 2001 which has already been admitted on 20.4.2007. Connect with the said Appeal No.78 of 2001 and list for hearing in due course along with the said appeal. Issue notice to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the said amount can easily be said to be business expenses and it was incidental to the business of the assessee and that the expenses claimed were covered under the Act. In the light of that, no substantial question would arise in the appeal. The appeal is dismissed." Insofar as, the second substantial question is concerned, the Tribunal held that the assessee corporation paid a sum of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he action of the AO was not justified. The disallowance of Rs. 5,00,000/- is hereby deleted." We, fully endorse the view taken by the CIT(A) and confirm the order of the Tribunal that setting up of the Park would promote the business of the appellant because with more entrepreneurs setting up businesses in the State, the role of the appellant would become significant for providing them the neces ..... X X X X Extracts X X X X X X X X Extracts X X X X
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