2016 (8) TMI 963

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....ppeal under Section 260-A of the Income Tax Act, 1961 (for short 'the Act') challenges the order dated 26th July, 2013 passed by the Income Tax Appellate Tribunal (for short 'the Tribunal). The impugned order is in respect of Assessment Year 1996-97. 2. This appeal raises the following four question of law for our consideration :- (a) Whether, on the facts and in the circum....

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....and in the circumstances of the case, the Tribunal was right in law in accepting the plea of the assessee that the interest income of Rs. 38.24 Crores on the securities has to be taxed on the due basis only, instead of accrual basis as per the mercantile system of accounting followed by the assessee ? (d) Whether on the facts and in the circumstances of the case, the Tribunal was right in....

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....n Schools for reservation of seats for children of its officers when they are transferred to places where the schools are situated. (ii) The Assessing officer disallowed the same on the ground that it is donation and therefore is not allowable as expenditure under Section 37(1) of the Act. In appeal the CIT (A) confirmed the view of the Assessing Officer and dismissed the respondent - assessee&....

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....allowed as being incurred predominantly for staff welfare and consequently expenditure incurred in running of the business. Therefore allowable as business expenditure. Thus question (b) as raised is concluded against the revenue and in favour of the respondent assessee by the decision of this Court in Mahindra and Mahindra (supra). (vi) In the above view question (b) does not give rise to any ....