Law:

Section:

Section 37(1) of the Income-tax Act, 1961 - Business expenditure - Allowability of - Assessment year 1993-94 - Assessee's claim for deduction of expenditure incurred on education of children of directors was disallowed - Assessee submitted that since they had joined company, benefit should have been granted - Even if claim was accepted, factual position was that they did not join during year ending 31-3-1993 but subsequently - In view of fact that during relevant year, amount was spent, not for persons working in company or as per any scheme prepared by company, but for outsiders who were close relatives of directors, Tribunal had rejected claim - Whether since that decision had been rendered on appreciation of facts and no question of law arose, appeal was liable to be dismissed - Held, yes O.S. Vajpayee for the Appellant. R.D. Jolly and Ms. Rashmi Chopra for the Respondent. ORDER 1. Learned counsel appearing for the appellant has submitted that on the facts and circumstances of the case, expenditure of Rs. 1,00,917 and Rs. 52,940 incurred on the education of Sh. Pankaj Jain and Sh. Manish Jain was allowable as business expenditure under section 37 of the Income-tax Act and he further submitted that the orders of the Appellate Tribunal and the Assessing Officer have omitted to consider the relevant facts and have taken into consideration irrelevant material. The matter pertains to assessment year 1993-94. The matter pertaining to the year 1992-93 has been dealt with by us and we have disposed of the same vide an order today itself in ITA No. 93/2003. The Tribunal has disposed of both the matters by the common judgment. In respect of the assessment year 1992-93, we have found that no question of law arises. 2. In the instant case, learned counsel pointed out that the persons have joined…

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