The Comm.Of Income Tax, Nagpur v. Ferro Alloys Corpn. Ltd. Tumsar

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

NAGPUR BENCH, NAGPUR ITR No.29B/1986 The Commissioner of Income Tax, Nagpur Vs. Ferro Alloys Corporation Ltd., Tumsar ----------------------------------------------------------------------------------- Notes, Office Memoranda of Coram, appearances, Court's orders Court's or Judge's or directions and Registrar's orders.

Orders.

CORAM : B.P. Dharmadhikari & A.P. Bhangale, JJ.

DATE : 17th February, 2015.

Heard Advocate Parchure for the petitioner and Advocate Dewani for the assessee. The relevant assessment year is 1973-1974. The question referred to: "Whether on facts and circumstances of the case, Tribunal was right in holding that royalty of Rs. 4,76,683/- and currency difference of Rs. 16,721/- was allowable as revenue expenditure?"

Thus, tax effect will be less than the one prescribed in paragraph 3 of the Instruction no.5 of 2008.

Therefore, following the order passed today in WTR No.56B of 1982 (The Commissioner of Wealth-tax, Nagpur Vs. Saraf (HUF) Kathmandu), the Income Tax Reference is returned to the Department.

JUDGE JUDGE Ambulkar