Court : Income Tax Appellate Tribunal ITAT Madras
Decided on : Sep-17-1990
Reported in : (1991)36ITD1a(Mad.)
..... march, 1981 which will be allowed for a total of eight years (ten years in the case of co-operative societies). further amendments were made by the finance act of 1983andfinance act of 1985. we quote below the relevant provisions of section 80-i as applicable to the assessment year 1985-86 and as published in a.n. aiyar ..... year under appeal and that the same ought to have been allowed by the departmental authorities.105. section 80-i was reintroduced in the income-tax act, 1961 by the finance (no. 2) act of 1980. this provision introduced, with effect from 1-4-1981, anew tax holiday provision for certain industrial undertakings, ships or hotels which start functioning ..... already set out in paragraph 17 supra.a perusal of the said clause 6 would show that the amount was to be expended for providing interest-free finance or finance at concessional rates of interest to dealers and stockists of the assessee in case of financial difficulties and to promote the sales of the appellant-company by .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Decided on : May-30-1990
Reported in : (1990)34ITD297(Mad.)
..... industries in which they are employed; and (3) the important countries in each region - their production and consumption of chlor-alkalis and their foreign trade. final chapters describe the major suppliers and summarize future consumption and production.4. the assessee was also permitted by government of india, ministry of industry, department of industrial development, ..... the cost of the book the world chloralkali outlook 1980-1990 is a revenue expenditure and is an allowable deduction under section 37 of the income-tax act, 1961. the assessee purchased the book with a view to acquire know-how technology in consultancy. in this case, the assessee has established a leading consultancy ..... rs. 56,771 is shown against books & periodicals. the assessee has claimed this amount of rs. 56,771 as revenue expenditure under section 37 of the act. it is well settled that for a claim of deduction of expenditure under section 37, it should be expended wholly and exclusively for the purpose of business .....
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