2014 (4) TMI 1288

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....ith Mr.Nishant Thakkar i/by Desai & Chinoy, for the Respondent. ORDER P.C.: 1 Having considered the rival contentions and perusing the order of the Income Tax Appellate Tribunal, so also, Section 44 of the Income Tax Act, 1961, we are of the opinion that the Appeal deserves to be admitted. It is ADMITTED on the following substantial questions of law:- (i) Whether on the facts and in the circu....

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.... the First Schedule of the Income Tax Act, cannot be allowed to be added back to the balance of profits as there is no specific prohibition against the allowance of such expenditure under sections 30 to 43B of the Income Tax Act, 1961? (iii) Whether on the facts and in the circumstances of the case and in law the Hon'ble Tribunal was justified in holding that the preoperative expenses amount....