2001 (1) TMI 15

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rect in law in holding that the sum of Rs.1,48,492 is allowable as revenue expenditure?" The dispute relates to the assessment year 1974-75. The assessee, a company, filed its return of income for the assessment year in question for which the previous year ended on September 30, 1973. The assessee incurred an expenditure of Rs.1,48,492 on the following heads: --------------------------------------------------------------                                                      ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....                                           ----------                                                                      1,48,492             ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....urring this expenditure. It was also pleaded that the rate of depreciation on purely temporary erection such as wooden structure was 100 per cent. and on that ground also the entire expenditure should be allowed. The Appellate Assistant Commissioner accepted the stand and directed deletion of disallowance of Rs.85,591. Similar direction was given in respect of other expenses under the different heads enumerated above. The order of the Appellate Assistant Commissioner was challenged before the Tribunal. The stand that in view of section 32(1A) of the Act the expenses were not allowable, was reiterated before the Tribunal. It appears that the Tribunal did not consider the aspect in the background of section 32(1A), more particularly in respec....