1994 (7) TMI 24

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....identical questions of law, they are being disposed of by this common order and for the disposal of these cases, the facts of the case of Manoj Textiles v. CIT (D.B.I.T. Reference No. 65 of 1989) are being taken up. The Income-tax Appellate Tribunal has referred the following question of law arising out of its order in respect of the assessment year 1981-82 under section 256(1) of the Income-ta....

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.... developed according to the standards fixed by it. It was further said that: " The RIICO in the alternative could have left the development to be made by the assessee himself. In that event, the expenditure so incurred by the assessee would be definitely capital in nature though the land is a leasehold land. Therefore, what the assessee had paid for is such expenditure on development of the lan....