2000 (12) TMI 67

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....ABU J.-Counsel contends that form should prevail over substance. The assessee is a partnership firm consisting of father and three children, two sons and a daughter. The sons were aged 23 and 21. The assessment year was 1979-80. The head of the family who was a partner of the firm claimed the amounts spent on educating his younger son abroad as business expenditure. That claim having been negative....

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....ad and such training was found to be useful to the business of the firm, the expenditure on such training would have been allowed as deduction and the fact that the person who was sent abroad is the son of a partner should not result in the denial of the benefit of that deduction. Counsel referred in this context to the agreement dated August 11, 1977, between the firm consisting of the partners, ....

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....eputation made by the firm of one of its partners in connection with the business of the firm. It was in substance, only a step taken by the father who is naturally interested in giving the best possible education to his son, and had sent him abroad to get a higher degree after he completed his B.Com. and M.Com. in India. The agreement that was drawn up was merely one which was intended to give a ....