2008 (2) TMI 411

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....6. passed by the Income-tax Appellate Tribunal, Delhi Bench "E" in I. T. A. Nos. 1957 and 1958(Del)/2002 relevant to the assessment years 1997-98 and 1998-99. 2. Two issues have been raised by learned counsel for the Revenue. The first relates to payment of an amount of Rs. 8,80,500 paid by the assessee towards consultancy charges to one Pradeep Pant. 3. The Tribunal has noted that an agreement ....

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.... It is also not in dispute that the assessee does not have any industrial undertaking and, therefore, the second part of section 35D of the Act, 1961, would also not be applicable. Moreover, the Tribunal has found that the expenses incurred towards consultancy charges are for the purposes of carrying out the existing business more efficiently. 6. In view of these findings, we are of the view that....