1990 (12) TMI 5

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..... s not belonging to the assessee-company and hence deficit paid by appellant is not allowable as an expenditure - - - - - Dated:- 4-12-1990 - Judge(s) : K. RAMASWAMY. and KULDIP SINGH. ORDER Civil Appeals Nos. 581-586 of 1976 : The following question was referred to the High Court by the Income-tax Appellate Tribunal under section 66(1) of the Indian Income-tax Act, 1922. (see CIT v. T. .....

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..... (2) except to the extent of Rs. 1,004, Rs. 5,070, Rs. 2,352 and Rs. 6,716 referable to the excess of amounts paid over and above the income of the fund and which was charged to the profit and loss account in the assessment years 1961-62, 1962-63, 1963-64 and 1964-65, respectively, the balance of the amount in these assessment years are not allowable deductions." We have heard learned counsel for .....

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