1995 (9) TMI 57

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.... assessee that Income-tax Appellate Tribunal, Allahabad, has referred the following question for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the Tribunal is justified in holding that the payment of Rs. 34,665 is a capital expenditure ? " The assessee is a firm carrying on business in hardware, agricultural instruments and gandases. The assessee a....

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....r the aforesaid factory premises given to the party of the second part. " Subsequently, the estate officer made a demand of Rs. 43,311 towards the arrears of rent. The assessee paid the said amount and claimed it as deduction from income-tax, the Income-tax Officer, however, allowed one year's rent of the previous year towards deduction and disallowed the remaining amount, namely, Rs. 34,665. A....