Law:

Section:

Section 37(i), read with section 256 of the Income-tax Act, 1961 - Business expenditure - Allowability of - Tribunal rejected assessee's claim holding that amount paid by assessee company to sugar technologists was a capital expenditure - Whether a referable question of law arose from aforesaid order of Tribunal - Held, yes FACTS During the relevant accounting year the assessee company paid certain amount to a sugar technologists and claimed it as a revenue expenditure. The department disallowed the assessee's claim. On appeal, the Tribunal held that it was of a capital nature and not a revenue expenditure. The reference application filed under section 256(1) was also rejected. On an application under section 256(2) : HELD A question of law did arise from order of the Tribunal and therefore it was directed to state question for opinion of…

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