TMI Blog1999 (2) TMI 33X X X X Extracts X X X X X X X X Extracts X X X X ..... to us: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the assessee had commenced its business in India from April 13, 1981, when it secured and accepted the letter of intent from Neyveli Lignite Corporation and not from October 1, 1981, when it opened its site office at Neyveli, and, therefore, the assessee is entitled to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Commissioner of Income-tax, allowed the assessee's claim. While doing so, it set out its conclusion thus: "On the above facts, it has, to be held that the appellant-company has commenced its business activities in India on April 13, 1981, when it secured the letter of intent from Neyveli Lignite Corporation. The requirements of permission from the Reserve Bank of India under section 29 of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s also one of the conditions to be fulfilled by the appellant-company as per clause 7.8 of the contract for receiving 10 per cent. of the total erection price as advance." It is clear from this finding of the Tribunal that the assessee had in fact commenced operations on April 13, 1981, and incurred expenditure and the expenditure so incurred was pursuant to the letter of intent granted to it b ..... X X X X Extracts X X X X X X X X Extracts X X X X
|