2009 (6) TMI 1014

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....used appeal and impugned order of the Income Tax Appellate Tribunal ('the tribunal' for short). Heard learned counsel for the revenue and the respondent. 2. The substantial question sought to be raised in this appeal reads as under:- " Whether on the facts and circumstances of the case and in law, the Tribunal was corect in deleting the addition of Rs. 98,12,359/- made by the assessing ....

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....olved in the appeal i.e. fourth question. In the result, Revenue had accepted the order of the Tribunal and the same is holding the field. 4. The above Circular issued by the Board of Direct Taxes bearing No.117 dated 22nd August, 1973 reads as under:- " 389. Rebate allowed to members by consumer cooperatives Stores - Whether allowable as business deduction 1. I am directed to say that an in....