2012 (8) TMI 1071

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....i ORDER 1. Leave to amend by renumbering question (L) in paragraph 4, which appears after question (P) as question (Q). The letter (L) has not been given to any other question. The amendments to be carried out forthwith. 2. This is an appeal under section 260(A) of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal for the assessment year 2002-2003. 3(A). The appea....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... in the present appeal did not arise for consideration in Income Tax Appeal No.1846 of 2010. We accordingly proceed to deal with questions (D), (E) and (P). 5. Re. : Question (D) :- "(D) Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT are justified in law in allowing expenses on buyback of shares which were to be treated as capital expenditure as laid down....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e respondent has not claimed a deduction qua the outflow. It has claimed a deduction in respect of the expenditure incurred in connection with the process. There is no increase in the capital base of the respondent and the expenses incurred were in connection with the existing business of the company. That certainly is for the over all business of the company and liable to be allowed as a revenue ....