Law:

Section:

I. Section 37(1) of the Income-tax Act 1961 - Business expenditure - Allowability of - Assessment year 1975-76 - Whether fee paid to Controller of Capital issues for seeking permission for issue of bonus shares was revenue expenditure - Held, yes FACTS The Tribunal held that the fees paid to the Controller of Capital Issues for seeking permission for issue of bonus shares was capital expenditure. On reference : HELD The Tribunal was not justified in holding that the fees paid to the Controller of Capital Issues for seeking permission for issue of bonus shares was capital expenditure. II. Section 80G of the Income-tax Act 1961 - Deductions - Donation to certain funds, charitable Institutions - Assessment year 1975-76 - Whether donation made to 'V' Trust by assessee-company would qualify for deduction under section 80G - Held, no FACTS The Tribunal held that donation made to 'V' Trust by the assessee-company would not qualify for deduction under section 80G. On reference : HELD The donation made to 'V' Trust by the assessee-company would not qualify for deduction under section 80G. III. Section 37(1) of the Income-tax Act 1961 - Business expenditure - Allowability of - Assessment year 1975-76 - Assessee claimed expenditure incurred on maintenance of transit bungalows which were in nature of guest houses- Material facts pertaining to nature of bungalows and nature of expenditure incurred were not brought on record [Matter remanded] FACTS The assessee claimed expenditure incurred on maintenance of transit bungalows located at various places where the assessee's rayon, spun pipes and cement units were located. The ITO disallowed the claim and the Commissioner (Appeals) upheld the disallowance. The Tribunal however deleted the addition by observing that the transit bungalows maintained by the assessee were mainly meant for the employees and the customers of the assessee who visited the different units in connection with their business. On reference : HELD The transit bungalows were in the nature of guest houses. All the material facts pertaining to the nature of the bungalows and the nature of the expenditure incurred on these bungalows had not been brought on…

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