COMMISSIONER OF INCOME TAX Vs. J.J. INDUSTRIES

JUDGEMENT

(1.) The Revenue is in appeal against the judgment of the Income-tax Appellate Tribunal dated September 7, 2012--since reported in J.J. Industries v. Asst. CIT,2013 1 ITR 614 , raising the following question for our consideration:

(2.) Brief facts are that:

(3.) Section 40 of the Act pertains to amounts which are not deductible. The relevant portion of section 40 reads as under: