1977 (10) TMI 50 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Cochin allowed the firm's amortisation claim for the assessment year 1971-72 based on a circular in force at the time. However, for the assessment year 1973-74, the matter was remitted back to the AAC to consider new rules governing the allowance. The Departmental appeal for 1971-72 was dismissed, and the appeal for 1973-74 was treated as allowed for statistical purposes.