1998 (11) TMI 42

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..... y reason of the enactment of the Tamil Nadu Electricity Supply Undertakings (Acquisition) Act, 1973. After the unsuccessful attempt to challenge the validity of that Act in the High Court it had filed appeals before the Supreme Court which were pending during the relevant years. The assessment years are 1975-76 to 1979-80. The Assessing Officer held that the assessee was not carrying on any busi .....

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..... sh that it had the intention to do business and it was irrelevant to inquire whether the business was permanently closed. Here, it cannot be said that there was a permanent closure, as the validity of the Act was yet to be finally settled by the Supreme Court. In the event of the Act being struck down, the assessee could resume business. The fact that it had continued to maintain an establishment .....

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..... the Appellate Tribunal was justified in holding and had valid materials to hold that all the expenses incurred by it in running the establishment should be allowed as a deduction in computing the income ? and 2. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in holding and had valid materials to hold that there was no discontinuation of the busi .....

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