1990 (1) TMI 40

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....tax Appellate Tribunal has referred the following question of law for the decision of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that an amount of Rs. 5,572 paid in 1975 is an allowable deduction for the assessment year 1977-78 ?" The respondent is a public limited company. It is an assessee to income-tax. We are concerned....

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.... The plea of the assessee was accepted. Thereafter, at the instance of the Revenue, the Income-tax Appellate Tribunal has referred the above question of law for the decision of this court. We heard counsel for the Revenue as also counsel for the respondent/ assessee. Since the assessee is maintaining its accounts on the mercantile basis, the expenses incurred in 1975, long before the accounting p....