2012 (9) TMI 481

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....v. For Respondent : Mr. Puneet Jain, Adv. Mr. Sushil Kumar Jain, Adv. (N/P) JUDGEMENT Heard learned counsel on both sides. In the present case concerning Assessment Year 1992-1993, the assessee claimed deduction in respect of an amount of Rs.65,44,703/- as revenue expenditure under Section 37 of the Income Tax Act, 1961 ['Act', for short]. The Assessing Officer was of the view that the assesse....

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....nsideration of the entire relevant facts and the principles of law emerging from the above referred decisions, we are of the considered opinion that deduction in respect of expenditure amounting to Rs.65,44,703/- should be allowed as revenue expenditure in the year under consideration viz. in AY 1992-93 on the condition that the AO should simultaneously withdraw deduction of 1/6th amount of the af....