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Section 32A of the Income-tax Act, 1961 - Investment allowance Construction of roads is not covered by section 32A [Assessment years 1978-79, 1979-80] [In favour of revenue] HMM Ltd. v. CIT [2009] 313 ITR 401 (Punj. & Har.) In view of the decision in CIT v. N.C. Budharaja & Co. [1993] 204 ITR 412 (SC), construction of roads is not covered by section 32A. ♦♦ HMM Ltd. v. CIT [2009] 313 ITR 401 (Punj. & Har.) No weighted deduction under section 35B was available in respect of freight expenses, octroi duty, bank charge trunk call charges and insurance charges [Assessment years 1978-79 and 1979-80] [In favour of revenue] Section 37(1) of the Income-tax Act, 1961 - Business expenditure - Allowability of TAXES Surtax is not allowable as deduction [Assessment years 1978-79 and 1979-80] [In favour of revenue] HMM Ltd. v. CIT [2009] 313 ITR 401 (Punj. & Har.) The assessee will not be entitled to deduction of surtax in arriving at the taxable income. Section 40A(5) of the Income-tax Act, 1961 - Business disallowance - Remuneration in etc., paid in excess of prescribed limits in case of company etc. REMUNERATION, ETC., PAID BY COMPANY TO DIRECTORS, ETC. [SECTION 40A(5)] HMM Ltd. v. CIT [2009] 313 ITR 401 (Punj. & Har.) Cash payments made to the assessee were not covered by the expression 'expenditure' under section 40A(5) or under section 40(c) [Assessment years 1978-79 and 1979-80] [In favour of assessee]. CASE REVIEW CIT v. Mafatlal Gangabhai and Co. [1996] 219 ITR 644 (SC), Smith Kline and French (India) Ltd. v. CIT [1996] 219 ITR 581 (SC),Builders Association of India v. UOI [1994] 209 ITR 877 (SC), HMM Ltd. v. CIT [1990] 184 ITR 236 (P&H) followed and relied upon. Rohit Khanna for the Applicant. Ms. Urvashi Dhugga for the Respondent. JUDGMENT The Income-tax Appellate Tribunal, Chandigarh Bench, Chandigarh Bench has referred the following questions of law for the opinion of this court under section 256(1) of the Income-tax Act, 1961 (in short, "the Act"), for the assessment years 1978-79 and 1979-80 arising out of its order dated January 31, 1985, in I.T.A. Nos. 737/Chandi/82, 271/Chandi/83 and 275/Chandi/83: I.T.A. No. 275/Chandi/83 (by the…

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