2002 (2) TMI 13

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....e-tax Act, 1961, (for short, "the Act"), at the instance of the Revenue is with respect to the assessment year 1977-78, seeking reference on a question of law from the order of the Income-tax Appellate Tribunal dated July 28, 1988. It appears that the respondent-assessee sought capitalisation of pre-operative expense of Rs.10,99,538. The Income-tax Officer allowed the claim for a sum of Rs.4,31,41....

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....el invited our attention to the provision of section 32 wherein the word "tangible" has been used. On the other hand, Mr. Ranka learned counsel for the respondent-assessee, submits that no referable question of law arises, as the controversy is concluded by decision of the apex court in the case of Challapalli Sugars Ltd. v. CIT [1975] 98 ITR 167. The word "tangible" as referred to by Mr. Mathur d....