1982 (6) TMI 3

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....e under section 256(1) of the Income-tax Act, 1961, the following question has been referred to this court : " Whether, on the facts and circumstances of the case and on proper interpretation of section 40(c)(iii)/40(a)(v) of the Income-tax Act, 1961, the Tribunal was right in holding that the cash payments made by the assessee to its employees to reimburse them for the expenses incurred by way....

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....Bombay High Court in the case of CIT v. Indokem P. Ltd. [1981] 132 ITR 125, though a contrary decision has been taken by the Full Bench of the Kerala High Court in the case of CIT v. Commonwealth Trust Ltd. [1982] 135 ITR 19, we must answer the question in the affirmative and in favour of the assessee. Incidentally, we may refer to the decision in the special leave application from the order of....