2008 (10) TMI 649

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..... raised following substantial questions of law:- (a) The substantial question of law arises in the present appeal is regarding the correct interpretation of Section and other sections of the Income-tax Act,1961 and whether in the facts and in the circumstances of the case and in law, the Hon'ble Tribunal was right in treating the expenses incurred by the assessee for the issuance of convert .....

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..... is that the assessee is engaged in the business of operation of rigs for extraction of oil and undertaking other oil related activities. It is further recorded by the Tribunal that in the interest of assessee's business and in continuation of the business carried on by it, the assessee had to explore the chances of development in the field of oil exploration for which it had to submit itself f .....

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