1995 (11) TMI 25

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..... 6(1) of the Income-tax Act, 1961, made at the instance of the Revenue, the Income-tax Appellate Tribunal has referred the following questions of law for the opinion of this court : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that in computing the disallowable expenditure in respect of the employee-directors the limits under section 40 .....

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..... w shares was made by the assessee in the preceding assessment year as a result of the requirement of the Government authorities under which dilution of foreign shareholding was a pre-requisite for the carrying on of the company's business in India. Part of the expenditure in doing so was incurred in the preceding assessment year which was allowed by the Tribunal. The Revenue did not come in refere .....

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