Law:

Section:

Section 35C of the Income-tax Act, 1961 - Agricultural development allowance - Assessment year 1976-77 - Assessee incurred expenditure on agricultural development and claimed weighted deduction of entire expenditure - Tribunal held that only 10 per cent of such expenditure was eligible for weighted deduction - Whether Tribunal was wrong in holding that only 10 per cent of expenses incurred was eligible for weighted deduction and not entire expenditure under section 35C - Held, yes Section 28(iv) of the Income-tax Act, 1961 - Business income - Value of any benefit or perquisite, arising from business or exercise of profession - Assessment year 1976-77 - Whether cost price of milk powder and soya flour received by assessee from UNICEF free of charge was not deductible in computation of total income - Held, yes CASES REFERRED TO Kaira Dist. Co.-op. Milk Producers Union Ltd. v. CIT [2002] 253 ITR 766 / 120 Taxman 910 (Guj.) and CIT v. Kaira Distt. Co-op. Milk Producers' Union Ltd. [2001] 247 ITR 314/ 114 Taxman 215 (Guj.). Manish Shah and J.P. Shah for the Applicant. Tanvish U. Bhatt for the Respondent. < JUDGMENT M.S. Shah, J. - In this reference at the instance of the assessee, the following questions are referred for our opinion in respect of the assessment year 1976-77 : "1. On the facts and circumstances of the case, whether the Appellate Tribunal was right in its interpretation and application of section 35C of the Income-tax Act, 1961 ? 2. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the entire expenditure of Rs. 39,24,979 was not eligible for weighted deduction under section 35C ? 3. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that only 10 per cent of the expenses incurred on dissemination of information or…

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