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1997 (7) TMI 18 - HC - Income Tax"Whether, on the facts and in the circumstances of the case, the Income tax Appellate Tribunal was right in disallowing the expenditure of Rs.1,27,577 under section 37(4) of the Income-tax Act, 1961, which was incurred by the assessee on the residential accommodation maintained by it in its industrial township for the stay of persons connected with its business ?" - Tribunal has rightly approached the matter and denied the depreciation to the assessee in respect of expenditure in the sum of Rs. 1,27,577. We answer the question in favour of the Revenue and against the assessee.
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