TaxTMI 
TaxTMI 
2011 (1) TMI 918
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....filing the instant appeal under section 260A of the Income-tax Act, 1961 ('the Act') challenging order dated 30-4-2009 passed by the Income-tax Appellate Tribunal, Chandigarh Bench B, Chandigarh ('the Tribunal'). It has been claimed that following substantive question of law would arise for determination of this Court:- "Whether on the facts and in the circumstances of the case, the order ....
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....tered Accountants were engaged which resulted in preparation of final restructuring scheme. On account of assistance rendered by the Chartered Accountants major concession and substantial relief was given to the assessee-company. A professional payment of Rs. 53,70,000 was made to the Chartered Accountants and Rs. 15,00,000 were paid to M/s. Asset Care Enterprises Ltd. The aforesaid expenditure we....
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.... business, therefore, we are of the view it is an allowable deduction. The ratio laid by the Hon'ble Madras High Court in the case of CIT v. South India Sugars Ltd (275 ITR 491) (Mad.) clearly supports the case of the assessee. Reliance can also be placed in B. Nagi Reddy v. CIT(99 ITR 451) (Mad.), consequently, both these grounds of the assessee are allowed." 3. There is no statutory defi....
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..... Wolkem (P.) Ltd. Co. [2002] 258 ITR 350' (Raj.) 4. Having heard the learned counsel we are of the view that the Tribunal has rightly placed reliance on a Division Bench judgment of the Madras High Court in the case of CIT v. South India Sugars Ltd. [2005] 275 ITR 491. In that case the Division Bench of the Madras High Court had taken the view that once the ultimate fact finding authority....