TMI Blog1998 (2) TMI 37X X X X Extracts X X X X X X X X Extracts X X X X ..... the instance of the Commissioner of Income-tax, Tamil Nadu III, Madras, is for issuance of a direction to the Tribunal to state a case and refer the question of law, as below, for the opinion of this court: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the chit incentive expenses and chit expenses incurred by the assessee ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1961--for short "IT Act"), which was inserted by the Finance Act, 1983, with effect from April 1, 1984, and omitted by the Finance Act, 1985, with effect from April 1, 1986, reads as under: "(3A) Notwithstanding anything contained in sub-section (1), where the expenditure or, as the case may be, the aggregate expenditure incurred by an assessee on any one or more of the items specified in sub-s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aggregate amount of expenditure incurred by the assessee as reduced by so much of such expenditure as is not allowed under any other provision of this Act ; (b) expenditure on advertisement, publicity and sales promotion shall not include remuneration paid to employees of the assessee engaged in one or more of the said activities ; (c) expenditure on running and maintenance of aircraft and mot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ad "Profits and gains of business or profession". It is thus crystal clear that what shall not be allowed as a deduction in computing the income chargeable under the head "Profits and gains of business or profession" is, after all, an ascertainment of fact from the accounts of the assessee-dealers and nothing further. Therefore, the order of the Tribunal in rejecting the reference, not as a pure q ..... X X X X Extracts X X X X X X X X Extracts X X X X
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