2013 (12) TMI 540

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....Agarwal,D. Awasthi,G.Krishna,R.K. Upadhaya   ORDER This appeal under Section 260A of the Income Tax Act, 1961 (hereinafter called the "Act, 1961") has been filed against the order dated 27/2/2002 passed by the Income Tax Appellate Tribunal (hereinafter called the "Tribunal") in I.T.A. No.871/Alld/1994-Assessment Year 1992-1993, by which the appeal of the Department was dismissed. The....

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....Bandhu and payment made to H.B.T.I. respectively were allowable as a deduction under section 37 of the Income Tax Act, 1961 in computing the assessee's income chargeable to tax under the head Profits and gains of Business or Profession?" (2) Whether on the facts and in the circumstances of the case and the material available on record, the expenditure of Rs.7,50,000/- and Rs.5,00,000/- claimed ....

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....ght into notice of the Court that in Income Tax Appeal No.65/2002, similar question was raised with regard to the assessee regarding disallowance on account of expenses claimed by the assessee as contribution made by it to Udyog Bandhu. The questions were considered and decided by the Division Bench of this Court dated 10/3/2011 in Income Tax Appeal No.65/2002. The Division Bench while dismissing ....

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....as allowable under Section 37(1) of the Act, 1961. The CIT(A) deleted the disallowance of Rs. 5 lakhs by recording following finding in paragraph 7 which is quoted below: "7. Looking to the facts as spelt out on behalf of the appellant, I agree that the action of the AO was not justified. As the appellant is a corporation owned by the Government of U.P., its directions were binding upon the app....