1989 (8) TMI 349

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...., 1961: "Whether, on the facts and in the circumstances of the case, the claim of ₹ 6,99,539 for the assessment year 1972-73 and ₹ 4,42,073 for the assessment year 1973-74 paid as decretal amount was as an allowable expenditure in computing the income from Kayanite business of the assessee?" The assessment years involved are 1972-73 and 1973-74 for which the year of accoun....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....se of carrying on the business. The assessee was working under a lease with a clause for renewal. The bona fide belief that it had aright to the renewal, gave notice therefore and took all the steps it could in this behalf. The State resisted its attempt, but the assessee's bona fides are established by at the least the first Court accepting of claims. That the claim did not succeed in the Hig....