1989 (6) TMI 49

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....stance of the Revenue, the Income-tax Appellate Tribunal, Cochin Bench, 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 right in law in finding that the assessee is entitled for deduction of Rs. 2,62,506 under section 36(1)(v) of the Income-tax Act, 1961 ?" The respondent is an assessee ....

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....t was allowable as deduction under section 36(1)(v) of the Income-tax Act. Thereafter, at the instance of the Revenue, the question of law formulated hereinabove was referred to this court for decision. We heard counsel. At the time of hearing it was agreed that in the light of the decision of the Supreme Court in Shree Sajjan Mills Ltd. v. CIT [1985] 156 ITR 585, and the observations contained....