1978 (3) TMI 49

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....expenses incurred by an assessee in purchasing its raw material for stock-in-trade for carrying on the manufacturing or trading business is covered within the meaning of the expression "expenditure" occurring in s. 40A of the I.T. Act, 1961. The Tribunal held that they were outside the purview of this expression and hence s. 40A was not applicable with the result that the amount of such purchases ....