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TMI Blog1998 (3) TMI 36X X X X Extracts X X X X X X X X Extracts X X X X ..... . At the instance of the revenue , the following question of law has been referred to us for our consideration : "Whether, on the facts and in the circumstances of the case and having regard to the provisions of section 37(2B) of the Income Tax Act, the Appellate Tribunal was right in allowing the sum of Rs. 22,666, Rs. 37,175 and Rs. 54,097 as a deduction in the assessment years 1972-73, 1973- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and, in the absence of materials, this court held that the reference could not be answered, and, therefore, returned the reference unanswered with a direction to the Tribunal to consider the matter afresh in the light of the observations made by this court. Then the matter went before the Appellate Tribunal and the Appellate Tribunal considered the matter in the light of the directions of this co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 37 is not applicable to those assessment years. We are of the opinion that the Tribunal has come to the correct conclusion that the expenditure incurred by the assessee is all business expenditure and allowable in the computation of business income of the assessee for the three assessment years in question. Accordingly, we answer the question of law referred to us in the affirmative, in favour ..... X X X X Extracts X X X X X X X X Extracts X X X X
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