1980 (3) TMI 35

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....f the Commissioner of Income-tax by the Income-tax Appellate Tribunal. The respondent-assessee is New Garage Ltd., which is now under winding up. The reference relates to the assessment year 1962-63. The assessee is a limited company. The business of the assessee during the previous year relevant to the assessment year 1962-63 was that of repairing vehicles, selling tractors, implements and spa....

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....timate business needs of the company. On appeal, the AAC took the view that the amount was inadmissible as it was of capital nature. However, on further appeal by the assessee, the Tribunal pointed out that in the present case there had been no change in the company itself, though there had been a change in the shareholding. The assessee-company was and continued to be the tenant of the premises a....

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....to this court for its opinion. " Whether, on the facts and in the circumstances, the Tribunal was right in law in holding that the sum of Rs. 10,000 was a business expenditure of revenue nature entitled to deduction in computing the total income of the asssssee-company ?" We are in full agreement with the view taken by the Tribunal. As pointed out by it, the assessee-company was the tenant o....