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TMI Blog2008 (2) TMI 411X X X X Extracts X X X X X X X X Extracts X X X X ..... s business and, therefore, the first part of section 35D of the Act would not be applicable the assessee has already commenced its business and, therefore, the first part of section 35D of the Act would not be applicable - the assessee does not have any industrial undertaking and, therefore, the second part of section 35D, would also not be applicable - the expenses incurred towards consultancy ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... years 1997-98 and 1998-99. 2. Two issues have been raised by learned counsel for the Revenue. The first relates to payment of an amount of Rs. 8,80,500 paid by the assessee towards consultancy charges to one Pradeep Pant. 3. The Tribunal has noted that an agreement dated January 10, 1995, was entered into between the assessee and Pradeep Pant and it relates to advice on business strategy, marke ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... D of the Act, 1961, would also not be applicable. Moreover, the Tribunal has found that the expenses incurred towards consultancy charges are for the purposes of carrying out the existing business more efficiently. 6. In view of these findings, we are of the view that the provisions of section 35D of the Act would not be applicable and, therefore, no error can be found in the view taken by the Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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