1990 (10) TMI 59

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....(2) of the Income-tax Act, 1961, the Tribunal has referred the following three questions : "1. Whether, on the facts and in the circumstances of the case, there was material before the Appellate Tribunal to hold that purchase of securities was necessary and customary for the purposes of the assessee's business ? 2. Whether, on the facts and in the circumstances of the case, there was material be....

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....ercise their discretion against the assessee in any matter concerning its business. The Income-tax Officer, however, disallowed this claim but on appeal, the Appellate Assistant Commissioner allowed the said deduction. The Department carried the matter in appeal before the Appellate Tribunal. The Tribunal dismissed the appeal following its earlier order in a similar matter. The Tribunal was of the....