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TMI Blog1982 (5) TMI 5X X X X Extracts X X X X X X X X Extracts X X X X ..... ement of actual cost of machinery and plant, etc., to the assessee and as such depreciation and development rebate are admissible with reference to this amount also ? (ii)Whether the expenses of Rs. 23,399 and Rs. 29,772 incurred on foreign tours of technical officers, directors of the company in the assessment years 1962-63 and 1963-64 respectively represent an element of actual cost of machinery and plant, etc., to the assessee and as such depreciation and development rebate are admissible with reference to these amounts also ? (iii) Whether the expenses of Rs. 8,072 incurred on the foreign tours of Lala Charat Ram in the previous year relevant to the assessment year 1962-63 represent an element of actual cost of machinery, plant, etc., ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted company doing business in textiles, chemicals and many other things. The assessment year in question is the year 1964-65 and the corresponding previous year is the year ended June 30, 1963. Thus the accounting year of the assessee for the year in dispute is from July 1, 1962, to June 30, 1963. It included in it only four months from March 1, 1963, to June 30, 1963. As per the Finance Act, 1963 (which inserted cl. (iii) before the Expln. in s. 40(c)), the following amount shall not be deducted in computing the income chargeable under the head "Profits and gains from business or profession". " 40. (c)(iii) any expenditure which results directly or indirectly in the provision of any remuneration or benefit or amenity to an employee who is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o an employee (including any sum paid by the company in respect of any obligation which but for such payment would have been payable by such employee), to the extent such expenditure exceeds one-fifth of the amount of salary payable to the employee for any period of his employment after the aforesaid date : Provided that in computing the aforesaid expenditure any payment by way of gratuity or the, value of any travel concession or assistance referred to in clause (5) of section 10 or passage moneys or the value of any free or concessional passage referred to in sub-clause (i) of clause (6) of that section or any sum referred to in clause (vii) of sub-section (1) of section 17 or in clause (v) of sub-section (2) of that section or the amoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 10 of the Finance Act, 1964. By force of s. 1 of the Finance Act, 1964, ss. 3 to 55 of that Act were deemed to have come into force on the 1st day of April, 1964, The effect of the substitution of sub-cl. (iii) in cl. (c) of s. 40 of the I.T. Act, 1961, was that sub-cl. (iii) of cl. (c) of s. 40 of the I.T. Act, 1961, inserted by the Finance Act, 1963, was not in force on the first day of the assessment year in question. Section 40(c)(iii), as inserted by the Finance Act, 1963, no longer remained applicable as it was removed from the statute book and had the effect of an implied repeal. The statute has not stated or implied otherwise. Certain provisions of the I.T. Act, 1961, have been brought to our notice such as s. 35(2)(i) and (ia), ..... X X X X Extracts X X X X X X X X Extracts X X X X
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