2018 (8) TMI 719

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....e under Section 260-A of the Income Tax Act, 1961 (for short, Act of 1961), arises out of the order dated 19.04.2017 passed by the ITAT, Visakhapatnam Bench, in ITA No.305/VIZ/2016, in relation to the assessment year 2007-2008. 2. The substantial question of law sought to be raised by the Revenue reads as under: " Whether on the facts and in the circumstances of the case, the ITAT is correct in ....

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.... Assessing Officer under Section 40(a)(ia) of the Act of 1961. 4. The Tribunal relied upon the earlier decision of a Special Bench of the Tribunal at Visakhapatnam in Merylin Shipping & Transporters V/s ACIT 136 ITD 23 (Tri-SB-Vizag) and held that such disallowance could not be sustained if the expenditure was incurred within the end of the financial year. 5. Sri K.Raji Reddy, learned Senior Sta....