2003 (3) TMI 58

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.... of the case, expenditure of Rs. 1,00,917 and Rs. 52,940 incurred on the education of Sh. Pankaj Jain and Sh. Manish Jain was allowable as business expenditure under section 37 of the Income-tax Act, 1961, and he further submitted that the orders of the Appellate Tribunal and the Assessing Officer have omitted to consider the relevant facts and have taken into consideration irrelevant material. Th....

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....nted out that: "Sh. Pankaj Jain is stated to have joined the company with effect from July, 1994, on a salary of Rs. 3,100 per month." It is required to be noted that the court is concerned with the assessment year 1993-94, i.e., year ending on March 31, 1993. Therefore, even if the claim is accepted, they did not join during the year ending March 31, 1993, and joined subsequently. It is clear th....