1996 (7) TMI 21

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....is is an income-tax reference under section 256(1) of the Income-tax Act, 1961, at the instance of the assessee and the following question has been referred for answer by this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the disallowance for the purposes of section 37(3A) of the Income-tax Act, 1961, should be made out of tot....

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....its after allowing specified amount and percentage as specified in section 37(3A). The Commissioner of Income-tax (Appeals) allowed the claim taking each unit as a separate entity for purposes of section 37(3A). The Revenue preferred an appeal before the Income-tax Appellate Tribunal which reversed the finding and held that each of these units could not be treated separately, but treated as one....