1977 (4) TMI 18

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....the assessee, the Income-tax Appellate Tribunal, Allahabad (hereinafter referred to as "the Tribunal"), has referred to this court two questions of law. The facts of the case have been set out in the order of reference and it is unnecessary to repeat them. It is convenient to take up first, the question No. 2 referred by the Tribunal. That question reads: " Whether, on the facts and in th....

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....ghed back in the the business." The clear import of the above observations of the Tribunal, in our opinion, is that the Tribunal held that the alleged payment by the assessee to the minor (represented by his guardian) of 50 per cent. of the profits of the business carried on by the assessee, was not by way of consideration for good luck said to have been brought to the assessee's business on ac....

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....come by an overriding or paramount title, but was merely an application by the assessee of the income earned by him. We shall now take up the first question referred to us. That question reads : " Whether, on the facts and in the circumstances of the case, the payment to the minor, Virendra Bahadur, under the agreement dated August 24, 1963, is a legitimate business expenditure and an allowa....