TMI Blog1994 (11) TMI 37X X X X Extracts X X X X X X X X Extracts X X X X ..... R. B. P. SARAF J.--By this reference, the following five questions of law have been referred by the Income-tax Appellate Tribunal for the opinion of this court under section 256(1) of the Income-tax Act, 1961, at the instance of the assessee : " 1. Whether, on the facts and in the circumstances of the case, any amount paid to the employee-directors of the assessee-company which is beyond the amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss expenditure under section 37 of the Income-tax Act, 1961 ? 4. Whether, on the facts and in the circumstances of the case, the additional expenditure of Rs. 47,173 incurred by the assessee due to difference in exchange rates in remitting instalments of foreign currency loans repaid by the assessee is allowable in view of section 43A(1) of the Income-tax Act, 1961 ? 5. Whether, on the facts a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ered by the decision of the Supreme Court in CIT v. Indian Engg. and Commercial Corporation P. Ltd. [1993] 201 ITR 723. Following the same, it is also answered in the affirmative and in favour of the Revenue. The fourth question is covered by the decision of the Supreme Court in Sutlej Cotton Mills Ltd. v. CIT [1979] 116 ITR 1. Following the same, it is answered in the negative and in favour of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 37 of the Act. We have carefully considered the rival submissions. We find that the goods valued at Rs. 51,673 imported by the assessee were found by the customs authorities to be not covered by a valid licence, which is an offence under section 111(d) of the Customs Act, 1961, read with section 3 of the Imports and Exports (Control) Act, 1947. The Deputy Collector of Customs ordered confiscati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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