2008 (10) TMI 649

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... NT 1. The commissioner of income tax has 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 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e finding recorded by the Tribunal 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 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X