1979 (1) TMI 120

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....the sake of convenience at the request of the parties as common points are involved and they will stand disposed of by this common order. I.T.A. Nos. 395 and 396 (Bom)/1978-79 2. Both these appeals, filed by the Revenue, are directed against the order of the AAC holding that the assessee was entitled to weighted deduction under s. 358 of the IT Act, 1961 on items such as commission, salary, ....

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....the AAC for both the years. 4. In the result, both the departmental appeals fail and stand dismissed. I.T.A. No 513 (Bom) /1978-79. 5. The present appeal has been filed against the order of the AAC disallowing the claim of the assessee to the extent of Rs. 37,913 being loss on sale of imported car. 6. The assessee had purchase foreign car in the month of August 1976 for Rs. 72,913 Howe....

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....fied in disallowing the claim of the assessee as the car in question was a capital asset of the assessee-company and in fact depreciation had been allowed on the same. In our view, the alternative claim of the assessee to allow loss to the extent of Rs. 37,913 was certainly tenable under s. 71(3) of the IT Act, 1961 under the head "Short-term Capital Loss" as there is no bar to allow such loss und....

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....e of disallowance of Rs. 5,000 from travelling expenses incurred in foreign countries that the assessee has come up in appeal before us. 10. We have heard the rival submissions of both the sides and we are of the view that the entire expenses on travelling including expenses on lodging and boarding cannot be allowed and as such disallowance in respect of lodging and boarding deserves to be disa....