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2016 (9) TMI 253 - BOMBAY HIGH COURT

2016 (9) TMI 253 - BOMBAY HIGH COURT - TMI - Expenses on travelling and retainer fees paid - Held that:- Mr. Toor, the learned counsel for the applicant-assessee very fairly states that the issue arising herein stands concluded against the applicant-assessee and in favour of the Respondent-Revenue by the decision of this Court in Commissioner of Income Tax v/s. J. K. Chemicals Ltd. [1992 (10) TMI 18 - BOMBAY High Court] and Larsen & Toubro Ltd. v/s. Commissioner of Income Tax ( 2012 (9) TMI 660 .....

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99 and undertakes to file an affidavit of service by 22nd August, 2016. 2. By this Reference under Section 256 (1) of the Income Tax Act, 1961 (the Act) the Income Tax Appellate Tribunal (Tribunal) seeks our opinion on the following two substantial questions of law: (i) Whether on the facts and in the circumstances of the case, the Tribunal ought to have held that the expenses on travelling and retainer fees paid in connection with the Nagarjuna Project were revenue in character and were consequ .....

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sue arising herein stands concluded against the applicant-assessee and in favour of the Respondent-Revenue by the decision of this Court in Commissioner of Income Tax v/s. J. K. Chemicals Ltd. 207 ITR 985 and Larsen & Toubro Ltd. v/s. Commissioner of Income Tax (2012) 75 DTR 30. (b) In the above view, the question as framed for our opinion is answered in the negative i.e. in favour of the Respondent-revenue and against the applicant-assessee. 5. Regarding Question no.(ii): (a) In respect of .....

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