TMI Blog2016 (9) TMI 253X X X X Extracts X X X X X X X X Extracts X X X X ..... ommissioner 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 - BOMBAY HIGH COURT ). Eligibility for relief under Section 35D - the payment made after 31st March, 1970 to its promoters - Held that:- As decided in favour of assessee relying on own case for A.Y. 1975-76 [2012 (3) TMI 545 - BO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llowable as a deduction in computing the assessee's income? (ii) Whether on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the amount of ₹ 2,12,655/was not eligible for relief under Section 35D on the ground that the expenditure was incurred by promoters before 1.4.1970? 3. This Reference relates to A.Y. 1982-83. 4. Regarding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs. This payment to promoters was for the expenditure incurred by them for project development. This amount was paid by the assessee after its formation post 31st March, 1970. The Assessing Officer, Commissioner of Income Tax (Appeals) and the Tribunal disallowed the claim on the ground that the expenditure was incurred prior to 31st March, 1970 though reimbursed later. Thus not allowable in the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in (2012) 251 CTR 233. We find that an identical question as raised herein has been answered by the above decision in favour of the applicant-assessee and against the respondent-revenue. (c) Therefore, the question as framed for our opinion is answered in the negative i.e. in favour of the applicant-assessee and against the Respondent-Revenue. 6. Reference is disposed of in above terms. No ..... X X X X Extracts X X X X X X X X Extracts X X X X
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