1997 (3) TMI 21

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.... instance of the Revenue, the Appellate Tribunal has stated a case and referred the following question of law under section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as the "Act"), for the assessment year 1980-81 "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is correct in law in allowing as deduction the entire claim for payment of additio....

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....eals), however, in the appeal preferred by the assessee held that the employees have an enforceable right by virtue of the settlement arrived at under the Industrial Disputes Act against the assessee for the amount agreed to be paid and the amount was paid for business consideration and hence it was allowable under section 37 of the Act. The Appellate Tribunal, on appeal, held that the amount was ....