1999 (4) TMI 59

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....--By this reference under section 256(1) of the Income-tax Act, 1961, the Income-tax Appellate Tribunal, Mumbai, has referred the following two questions of law to this court for opinion. At the instance of the assessee : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that municipal taxes of Rs. 15,328 paid by the assessee during this acco....

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....Supreme Court in Panchamahal Steel Ltd. v. U. A. Joshi, ITO [1997] 225 ITR 458 in favour of the Revenue. Following the same, question No. 2 is answered in the negative, i.e., in favour of the Revenue and against the assessee. So far as the first question is concerned, the uncontroverted factual position is that the municipal taxes amounting to Rs. 15,328 which the assessee paid during the accou....