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2015 (1) TMI 104

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..... for the AppELLANT ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE K.J.THAKER) 1. The following question has been referred by the Income Tax Appellate Tribunal, Ahmedabad Bench A under Section 256(1) of the Income Tax Act, 1961 arising out of the Tribunal s order dated 01.10.1997 in ITA No. 3304/Ahd/1992 for the assessment year 1989-90.: Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by the CIT(A) deleting the disallowance of ₹ 2,90,602/- made under the provision of Section 35A? 2. The Assessing Officer during the assessment proceedings noted that the assessee had claimed a sum of ₹ 2,90,602/- as royalty payment made to M/s. Parle (Export) Pvt. Ltd .....

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..... uction equal to the appropriate fraction of the amount of such expenditure. Explanation.- For the purposes of this section,- (i) relevant previous years means the fourteen previous years beginning with the previous year in which such expenditure is incurred or, where such expenditure is incurred before the commencement of the business, the fourteen previous years beginning with the previous year in which the business commenced: Provided that where the rights commenced, that is to say, became effective, in any year prior to the previous year in which expenditure on the acquisition thereof was incurred by the assessee, this clause shall have effect with the substitution for the reference to fourteen years of a reference to fou .....

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..... f the sale (so far as they consist of capital sums) exceed the amount of the cost of acquisition thereof remaining unallowed, so much of the excess, as does not exceed the difference between the cost of acquisition of the rights and the amount of such cost remaining unallowed shall be chargeable to income- tax as income of the business of the previous year in which the whole or any part of the rights is sold. Explanation.- Where the whole or any part of the rights is sold in a previous year in which the business is no longer in existence, the provisions of this sub- section shall apply as if the business is in existence in that previous year. (5) Where a part of the rights is sold and subsection (4) does not apply, the amount of th .....

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