INCOME TAX ACT, 1961

Section 37(1)

Business expenditure - Allowability - Revamping of Visbreaker Unit -

Assessee claimed expenditure towards revamping of Visbreaker Unit which was abandoned. Tribunal made disallowance of expenditure claimed on the ground that it was not allowable under section 37(1). Held: The Tribunal took note of the decision of Supreme Court of India and arrived at a finding against the assessee. There was no grounds to interfere with the said finding. Thus, the issue was answered against the assessee.

REFERRED :

FAVOUR : Against the assessee.

A.Y. : 2004-05

INCOME TAX ACT, 1961

Section 32

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