1994 (1) TMI 39

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....lowing four questions were referred by the Tribunal to this court : " (1) Whether the Tribunal was right in holding that the expenditure incurred on Turf Invitation Cup is not allowable ? (2) Whether the Tribunal was right in holding that the subscription received from the members is liable to tax ? (3) Whether the Tribunal was right in holding that the expenditure incurred on the Race Ba....

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....e expenditure has no direct or indirect link with the business of the assessee. We have no valid reason to disagree with the finding of fact rendered by the Tribunal as above. Regarding the second question, learned counsel fairly admitted that in respect of the very same assessee, the question was answered against the assessee in the judgment of this court in CIT v. Madras Race Club [1976] 105 ....