Law:

Section:

(a) Income-tax----Capital or Revenue expenditure--Machinery imported by assessee-¬Fluctuations in rate of foreign exchange--Excess money paid by assessee because of fluctuations of currency rate was a revenue expenditure. C I T v. Bharat General & Textile Industries Ltd. [19861 157 I T R 158 and Bestobell (India) Ltd. v. C I T [1979] 117 I T R 789. ref. (b) Income-tax-- ---Perquisites--House rent allowance and reimbursement of medical expenses paid by the assessee to its employees is not perquisite. C I T v. Kanan Devan Hills Produce Company Ltd. (1977) 119 I T R 431; Indian Leaf Tobacco Development Co. Ltd. v. C I T (1982) 137 I T R 827; C.I.T. v. Alkali and Chemical Corpn of India Ltd. (1986) 158 I T'R 58; and C.I.T. v. General Marketing & Manufacturing Co. (1987) 165 I T R 566 (Cal.) ref. (c) Income-tax-- ---Industry--Deep Sea Fishing Division of assessee-company to be considered as Industrial undertaking. C.I.T. v. Union Carbide India Ltd. (1987) 165 I T R 550 ref. (d) Income-tax--- ---Capital--Assessee, a company--Value of capital work-in-progress in its industrial undertaking, agricultural pesticide division has to be included in the computation of capital employed for the purpose of relief. Indian Oxygen Ltd. (1978) 113 I T R 109 and C.I.T. v. Union Carbide India Ltd. (1987) 165I T R 546 ref. (e) Income-tax-- ---Concession of income-tax to new industrial undertaking--Undertaking worked for a part of the year--Income-tax relief, being available for full year, could not be allowed for a part of the year. C.I.T. v. Oyster Packagers (P.) Ltd. (1985) 152 I T R 471 ref. (f) Income-tax-- ---Weighted deduction--Expenses on account of expert agency inspection fee are entitled to weighted deduction. V. D. Swami & Co. Pvt. Ltd. v. C.I.T. (1984) 146 I T R 425; C.I.T. v. Eldee Wire Products Ltd. (1978) 114 I T R 485 (Bom.); C.I.T. v. Jay Engineering Works (1984) 149 ITR 297(Delhi) and Bharat Leneral of Textile Industries Ltd. v. C.I.T. (1985) 153 I T R 747 ref. JUDGMENT DIPAK KUMAR SEN. J.--On an application of the assessee under Section 256 (1) of the Income Tax Act, 1961, the Tribunal has referred the following questions, as questions of law arising out…

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