9911796707
TMI Blog2008 (8) TMI 898X X X X Extracts X X X X X X X X Extracts X X X X ..... ing questions of law have been referred for opinion of this Court by the Income-tax Appellate Tribunal, Chandigarh Bench (for short, 'the Tribunal') arising out of order dated 26-10-1998 passed in I.T.A. No. 501/Chandi./84 for the assessment year 1977-78 : "1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in upholding order of CIT(A) in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, the 'CIT(A)'] accepted the contention of the assessee by holding that during the year 1980-81 also, similar issue came up for consideration and referring to the Memorandum and Articles of Association of the Company, where the Company had spent certain amount for exploring the possibility of setting up of a new business, the same was allowed and in the present case also the same should be allowe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... counsel for the parties, we find that the view expressed by the Tribunal allowing the expenses to be revenue in nature cannot be faulted with. It is a case where the assessee made certain expenses for exploring the possibility of setting up a paper project at Saharanpur which could not materialise. No asset of permanent nature with enduring benefit was acquired by the assessee. The plant could not ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
