9911796707
TMI Blog2014 (4) TMI 694X X X X Extracts X X X X X X X X Extracts X X X X ..... ion u/s 37, this issue cannot be taken into remand proceedings - the claim of the assessee related to deduction u/s 48 of the act only needs to be considered – Decided in favour of Assessee. - ITA NO. 134/2014 - - - Dated:- 4-4-2014 - MR. DILIP B BHOSALE AND MR. B. MANOHAR FOR THE APPPELLANT : SRI. B.S.N PRASAD, ADV. FOR THE RESPONDENT : SRI. K.V. ARAVIND, ADV. JUDGEMENT We h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ii Whether, on the facts and in the circumstances of the case, the Tribunal was justified in disallowing the appellant s claim for deduction under Section 48(i) of the Act when the requirement of law that the expenditure must be incurred wholly and exclusively in connection with the transfer of a long term capital asset has been met and the expenditure claimed is intrinsically linked wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sale deed that the promoters shall credit certain amount to a trust for the welfare of the ex-employees. The assessee had claimed that a sum of Rs. 20,97,000/- has been deposited into the bank account towards contribution for the trust and therefore, it is a business expenditure u/s 37 of the Income tax Act and has to be allowed as such. However, the Assessing Officer observed that no trust has be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ter may be remanded to the Tribunal to consider his claim of deduction under Section 48 of the Act. 6. Having considered the submissions of learned counsel for the parties, we are satisfied that this appeal can be conveniently disposed of by the following order: ORDER The order dated 20.09.2013 is set aside and the ITA No. 1061/Bang/2012 is restored to file. The Tribunal shall consi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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