1991 (5) TMI 6

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....ct, 1961, for the assessment year 1976-77, the following question has been referred to this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in directing the Income-tax Officer to examine the details of expenditure claimed by the assessee and deal with their allowability from the view point of the necessity of the assessee-company to retain its sta....

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.... investments which had to be considered as "income from other sources" and that expenses attributable to such income were admissible under section 57(iii) of the Income-tax Act, 1961. He estimated the admissible expenses which were wholly and exclusively expended for the purpose of earning such taxable income at Rs. 1,000 only. In the appeal before the Commissioner of Income-tax (Appeals), the ....

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....ection 32 of the said Act the proceedings for the winding up of the assessee-company could not be taken up except with the consent of the Central Government and that the assessee company was retaining its status as a company under the Companies Act, 1956. The Tribunal set aside the order of the Commissioner of Income-tax (Appeals) and the order of the Income-tax Officer and restored the matter to ....

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....ompanies Act, 1956, and whether the expenditure was directly or indirectly incurred for earning the income which was assessed under the head "Other sources". In our view, so long as a company is not formally struck off the Register of Companies, a company continues to have certain statutory obligations. The company has to file various statements and returns. For that purpose and also for the pu....