2007 (3) TMI 727

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..... Act, 1961, the following questions of law have been referred for our opinion:- "1. Whether on the facts and circumstances of the case, and in true interpretation of section 15A(1)(a) of the U.P. Sales-tax Act the assessee was entitled to the deduction of ₹ 77,757 as allowable revenue expenditure in computing its income for the accounting period relevant to the assessment year 1978-79? .....

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..... nditure incurred by the assessee for any purpose which is an offence, or which is prohibited by law shall not be deemed to be expenditure incurred for the purpose of business and no deduction or allowance shall be paid in respect of such an expenditure. The Explanation was inserted by Finance (No. 2) Act, 1998 with retrospective effect from 1-4-1962. 4. Insofar as the second question is concerned .....

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