https://www.taxtmi.com/caselaws?id=20290 The High Court directed separate references for the assessment years 1973-74, 1974-75, and 1975-76 due to distinct issues. Regarding the deduction for business expenditure, the Tribunal upheld the allowance for the claimed amounts, emphasizing the genuineness and relevance to the business activity. The Court affirmed that the deductibility of business expenditure is based on legal provisions, not income proportionality. Consequently, the decision favored the assessee, with no costs awarded to the Revenue. en-us Mon, 28 Jun 1993 00:00:00 +0530 Fri, 13 Nov 2009 10:45:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20290 The High Court directed separate references for the assessment years 1973-74, 1974-75, and 1975-76 due to distinct issues. Regarding the deduction for business expenditure, the Tribunal upheld the allowance for the claimed amounts, emphasizing the genuineness and relevance to the business activity. The Court affirmed that the deductibility of business expenditure is based on legal provisions, not income proportionality. Consequently, the decision favored the assessee, with no costs awarded to the Revenue. Case-Laws Income Tax Mon, 28 Jun 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20290