TMI Blog1993 (2) TMI 327X X X X Extracts X X X X X X X X Extracts X X X X ..... me-tax Act, 1961 ('the Act1) the Tribunal has referred the following questions at the instance of the assessee : 1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the expenditure of ₹ 23,352 incurred on wall pictures, viz., wall paintings, was not allowable as admissible expenditure under section 37 of the Income-tax Act, 1961 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s expenditure under section 37 or under section 28 of the Income-tax Act, 1961 for the assessment year 1973-74? 2. It Is an agreed position that the issue raised in Question No. 2 above is covered by the decision of this Court in the cases of CIT v. Excel Industries Ltd. [1980] 122 ITR 995 and CIT v. National Machinery Mfrs. Ltd. [19911 191 ITR 483 in favour of the assessee. In this view o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment was framed by the ITO. Over this 20 years, the assessee would have got full depreciation on the items mentioned in the questions. In this view of the matter, issues raised In these questions are academic in nature and it would serve no purpose to anybody even if the decisions were to be given in favour of the assessee; in that event the ITO would be required to modify/rectify assessme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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