TMI Blog1986 (2) TMI 17X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Income-tax Act, 1961 ("the Act"), the Income-tax Appellate Tribunal, Bangalore Bench, Bangalore ("the Tribunal"), at the instance of the assessee, has referred the following question of law for the opinion of this court : "Whether, on the facts and in the circumstances of the case, the sum of Rs. 2,10,704 is an expenditure in the nature of capital or revenue ?" In order to appreciate t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n, learned counsel for the assessee appearing in support of the reference, contends that all the authorities under the Act were in error in not noticing the Circular, viz., F.No. 10/67/65-IT(A-1) dated August 26, 1965, issued by the Board of Direct Taxes (Board) that squarely governed the claim of the assessee. Sri K. Srinivasan, learned senior standing counsel for the Income-tax Department, ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vantages accruing to a company as its result of getting its shares listed on a stock exchange contain substantial advantages pertaining to its day to day business, it has been decided that such expenses should be considered as laid out wholly and exclusively for the purposes of the business and, therefore, admissible as business expenditure under section 37(1). In view of the above, the instructio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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