TaxTMI 
TaxTMI 
2007 (5) TMI 217
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....see. JUDGMENT The judgment of the court was delivered by M.M. KUMAR, J. - This order shall dispose of I.T.R. Nos. 82 of 1989, 64 of 1992, 18 and 19 of 1993 as identical questions of law have been raised. The controversy in the present bunch of references has emerged out of the orders passed by the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar (for brevity, 'the Tribunal'), in the foll....
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.... from Managing Director (29610/-) and Meeting Fees (2,400/-) which are clearly hit by proviso to section 40A(5)/40A(6) of the Income-tax Act, 1961?" 2. Whether on the facts and in the circumstances of the case and keeping in view the provisions of section 40(c) (A) of the Income-tax Act, 1961, the Income-tax Appellate Tribunal is right in law in holding that amount of Rs. 2,400/- being the Direct....
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....0A(5)/40A(6) as well as disallowance on account of concessional interest charged from the Managing Director on the borrowings/drawings. The assessee filed an appeal before the Commissioner of Income Tax (Appeals), Jalandhar, who vide his order dated 18.2.1987, allowed the appeal of the assessee, inter alia, by deleting the additions on account of disallowance made under Sections 40A(5)/40(A)(6) an....
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....isions are attracted. Likewise, for determining permissible expenditure which is outside the ceiling limit, both these ceilings would be applicable. For the aforementioned proposition reliance may be placed on the judgment of Hon'ble the Supreme Court in the case of Commissioner of Income Tax v. Continental Construction Ltd., (1998) 230 ITR 485. Accordingly, we confirm the view taken by the Tribun....