2005 (8) TMI 87

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....Appellate Tribunal has referred the following questions of law arising out of the order passed for the assessment year 1984-85 for the opinion of this court: "(1) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in upholding the disallowance of the Income-tax Officer of a sum of Rs. 70 lakhs which is the premium the assessee had to pay on the debentures iss....

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....l Government. It is brought to our notice that the sanction was kept pending since there was a challenge to the guidelines framed by the Central Government under the provisions of the Companies Act and the said guidelines were struck down by the Delhi High Court against which the special leave petition was filed by the Union of India which was granted and converted into Civil Appeal No. 2272 of 19....

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....rt, by letter dated July 29, 1994, communicated its approval to the pending proposal of the assessee-Mahindra and Mahindra, which also contained approval to the pending proposal of Mr. B.R. Sule as managing director for a period of five years with effect from November 1, 1980 to October 31, 1985. This approval to the proposal of Mr. B.R. Sule would, obviously, relate back to the date of applica....