COMMISSIONER OF INCOME TAX Vs. HOUSING BOARD, HARYANA

JUDGEMENT

(1.) The Revenue is in appeal under section 260A of the Income-tax Act, 1961 (for short "the Act"), raising the following substantial 1. Oral judgment.questions of law arising out of the order dated October 14, 2010, passed by the Income-tax Appellate Tribunal, Chandigarh Bench, Chandigarh (for short "the Tribunal") for the assessment year 2003-04 :

(2.) Learned Tribunal has found that the amount of Rs. 7,09,57,404 was allowed as one-time expenditure in view of the decision of the board of directors dated April 18, 2002. The said decision was relatable to the present assessment year and that the decision to allow the rebate by the board of directors was a commercial decision taken in the circumstances of the case, where the rebate was allowed to certain institutional bodies, i.e., insurance companies, HSIDC, HFC, etc., against the advances received during the years 1991 to 2002.

(3.) The argument of learned counsel for the appellant that the assessee has not produced any additional evidence to justify the expenditure in the relevant assessment year after the earlier order of the Tribunal dated February 27, 2007, is riot tenable. The documents on record prove that rebate was allowed as one-time expenditure during the relevant assessment year in pursuance of the" decision of the board of directors. It is finding of fact. Therefore, no substantial question of law arises for consideration by this court.