1989 (8) TMI 349

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ircumstances of the case, the claim of ₹ 6,99,539 for the assessment year 1972-73 and ₹ 4,42,073 for the assessment year 1973-74 paid as decretal amount was as an allowable expenditure in computing the income from Kayanite business of the assessee? The assessment years involved are 1972-73 and 1973-74 for which the year of account is calendar year 1971-72. 2. It has been pointe .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ing under a lease with a clause for renewal. The bona fide belief that it had aright to the renewal, gave notice therefore and took all the steps it could in this behalf. The State resisted its attempt, but the assessee's bona fides are established by at the least the first Court accepting of claims. That the claim did not succeed in the High Court only shows that two views could reasonably be .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... lose an opportunity to make profits of this magnitude can well be understood. The above represents roughly between 20 and 25 per cent of the total profits. 3. On behalf of the assessee our attention has been drawn to the two judgments of the Supreme Court in the case of Travancore Sugars Chemicals Ltd. v. CIT [1966] 62 ITR 566 and CIT v. Travancore Sugars Chemicals Ltd. [1973] 88 ITR 1. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X