2011 (5) TMI 98

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....Rakesh Sinha RAJIV SHAKDHER, J 1. By way of the captioned reference, we have been called upon to adjudicate the following questions of law :-   (i). Whether on the facts and in the circumstances of the case, the Ld. ITAT was justified in law in confirming the disallowance of Rs.3,65,000/- under the provisions of Section 40(C) in respect of the payments made to five directors of the c....

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....e pertained to the Assessment Year 1982-1983. Question No.(i)   3. In so far as question no.(i) is concerned, we are informed by the learned counsel for the parties that a similar question of law was raised in ITR No.285/1987 in the Assessment Year 1977-1978 and in ITR No.201/1989. Accordingly, the said question is answered in favour of the assessee and against the revenue. Question No.(ii....