1992 (6) TMI 18

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..... Income-tax Appellate Tribunal has referred the following question of law for the decision of this court : " Whether, on the facts and in the circumstances of the case, the 'dilution expenses' are an admissible deduction?" The respondent/assessee is a sterling company having business in tea and rubber plantations. It had to comply with the provisions of the Foreign Exchange Regulation Act in ord .....

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..... enditure would be revenue in nature. It is thereafter at the instance of the Revenue that the question of law, formulated hereinabove, has been referred for the decision of this court. We heard counsel. The decision relied on by the Appellate Tribunal to hold in favour of the assessee came up before this court in CIT v. Commonwealth Trust Ltd. [1979] 120 ITR 491. Two questions arose for considera .....

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