1988 (12) TMI 69

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....on 256(2) of the Income-tax Act, 1961, for directing the Tribunal to state case and refer the following questions to this court for its opinion : " 1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct both on facts and in law in upholding the order of the Commissioner of Income-tax (Appeals) reducing the disallowance of Rs. 1,20,000 repres....

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....concerned, the contention of learned counsel appearing for the petitioner is that the appointment of Shri Dev Raj Narang, managing director, though it was approved by the Company Law Board, the approval was conditional. The condition was not fulfilled and, therefore, in law, there was no approval. The Company Law Board approved the appointment of Shri Dev Raj Narang as the managing director of the....

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....ation. He did not acquire any interest in the said company after the grant of the approval. The condition barred acquiring any interest in any selling agency of the respondent-company in the future. The wording of the condition is very clear. There is no scope for any other interpretation and, in our view, there is no justification for calling for a reference so far as this question is concerned. ....

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.... drawn on bank or by a crossed bank draft, such expenditure shall not be allowed as a deduction". In this case, it appears that certain payments were made to some persons on a particular day. According to the entries, each payment was of less than 2,500 rupees but the total amount exceeded 2,500 rupees. The question is whether, in the circumstances, the provisions of section 40A(3) were attract....