1995 (11) TMI 25

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..... B. P. SARAF J. --- By this reference under section 256(1) of the Income-tax Act, 1961, made at the instance of the Revenue, the Income-tax Appellate Tribunal has referred the following questions of law for the opinion of this court : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that in computing the disallowable expenditure in respe....

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....ue nature. It is also pointed out to us that an issue of new shares was made by the assessee in the preceding assessment year as a result of the requirement of the Government authorities under which dilution of foreign shareholding was a pre-requisite for the carrying on of the company's business in India. Part of the expenditure in doing so was incurred in the preceding assessment year which was ....