1993 (5) TMI 12

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...., for the assessment year 1985-86, the following question of law has been referred to this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in cancelling the order of the Commissioner of Income-tax (Appeals) for modification of the order of the Assessing Officer in respect of the disallowance made under section 37(3A) of the Income-tax Act, ....

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..... The Tribunal, following the decision of the Bombay High Court in the case of CIT v. Chase Bright Steel Ltd. (No. 1) [1989] 177 ITR 124, held that the expenses covered by sections 30 and 31 of the Act could not be disallowed under section 37(3A) of the Act. It is not in dispute that the question in this reference is concluded by the decision of this court in Income-tax Reference No. 124 of 198....