1998 (4) TMI 48

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....nnon Dunkerley and Company Private Limited, Madras, went into liquidation on March 14, 1969. The official liquidator disposed of the assets of the company in the process of liquidation. The company filed 'nil' return for the assessment year 1974-75, return of loss of Rs. 1,09,110 for the assessment year 1975-76 and return of loss of Rs. 67,468 for the assessment year 1981-82. The Income-t....

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.... he rejected the claim of expenses by the assessee. On appeal, the Commissioner of Income-tax (Appeals) following an earlier order of the Tribunal dated November 26, 1983, in I.T.A. No. 1132 (Mds) of 1983 relating to the assessment year 1978-79, wherein the expenditure claimed by the assessee was allowed under section 57(iii) of the Income-tax Act, 1961, directed the Income-tax Officer to allow....

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....enditure incurred by the official liquidator in the course of liquidation proceedings should be allowed as deduction in computing the total income of the company ?" Arguments of Mr. R. Sivaraman, learned counsel, representing Mr. C. V. Rajan, learned junior standing counsel, representing the applicant, and of Mr. P. P. S. Janarthana Raja, learned counsel, representing Subbaraya Aiyar, learned c....

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....on in the affirmative and against the Revenue. The reasoning or rationale as adopted by the said learned judges of the Division Bench in the unreported T. C. numbers as stated above (since reported in [2000] 243 ITR 646), will also hold good and there is no need at all for us to reproduce such rationale or reasoning here. Following the decision of a Division Bench of this court in the unreporte....