DY CIT (ASSTT ) Vs. SAYAJI INDUSTRIES LTD

JUDGEMENT

(1.) W hile admitting the appeal on 14.06.2005 the following order came to be passed;

(2.) THE cognate appeal being Tax Appeal No.326 of 2000 is already decided by this Court by judgment and order dated 03.07.2012. For ready reference, the said decision is reproduced hereunder;

(3.) THE counsel for the revenue pointed out that such question is squarely covered in favour of the revenue by virtue of the decision of the Apex Court in case of Britannia Industries Ltd. v. Commissioner of Income Tax and another, 2005 278 ITR 546 , wherein the Apex Court held that section 37(4) of the Act provides for only specific items of expenditure allowable towards guest house expenses. Counsel for the respondent assessee was unable to dispute this position. In that view of the matter, we answer the question in the negative, that is, in favour of the revenue and against the assessee. Decision of the Tribunal is to that extent reversed.