1998 (2) TMI 37

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....This petition at the instance of the Commissioner of Income-tax, Tamil Nadu III, Madras, is for issuance of a direction to the Tribunal to state a case and refer the question of law, as below, for the opinion of this court: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the chit incentive expenses and chit expenses incurred b....

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.... 1961 (Act No. 43 of 1961--for short "IT Act"), which was inserted by the Finance Act, 1983, with effect from April 1, 1984, and omitted by the Finance Act, 1985, with effect from April 1, 1986, reads as under: "(3A) Notwithstanding anything contained in sub-section (1), where the expenditure or, as the case may be, the aggregate expenditure incurred by an assessee on any one or more of the ite....

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....b-section (3B) shall be the aggregate amount of expenditure incurred by the assessee as reduced by so much of such expenditure as is not allowed under any other provision of this Act ; (b) expenditure on advertisement, publicity and sales promotion shall not include remuneration paid to employees of the assessee engaged in one or more of the said activities ; (c) expenditure on running and m....