Law:

Section:

Section 37(1), read with section 260A, of the Income-tax Act, 1961 - Business expenditure - Allowability of - Assessee claimed deduction in respect of 'issue management expenses' - High Court on basis of rule of consistency allowed claim of assessee - Whether High Court should have examined nature of expenditure in question and then allowed claim - Held, yes - Whether, consequently, impugned was to be set aside and matter was to be remitted back to High Court for fresh consideration in accordance with law - Held, yes K.K. Senthilvelan, Navin Prakash and B.V. Balaram Das for the Appellant. Siddharth Chaudhary, Rahul Gupta, Bhargava V. Desai and Ms. Reena Sharma for the Respondent. JUDGMENT In S.L.P. (C) No. 11507 of 2005 : 1. Delay condoned. 2. Leave granted. 3. In this case, substantial question of law arose before the High Court under section 260A of the Income-tax Act, 1961. The said question was as follows : "Whether the assessee is entitled to deduction of Rs. 1,16,89,327 incurred as 'issue management expenses' ?" 4.…

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