- (1.) THIS is a petition of appeal under Section 260A seeking to challenge the decision of the Tribunal given on December 12, 2001.
(2.) THE sum involved is Rs. 31,38,017 for the assessment year 1994 -95, the said sum being claimed by the assessee as expenses for rent, depreciation, repair and maintenance of its guest -house. Although it is the stage of mere admission of appeal, the Revenue hotly resisted the admission itself on the twin argument, that - - (i) Two Division Bench decisions of the Calcutta High Court given in the cases of C1T v. Upper Ganges Sugar Mills Ltd : [1994]206ITR215(Cal) and Kesoram Industries and Cotton Mills Ltd. v. CIT : [1991]191ITR518(Cal) squarely cover the issue ; and (ii) The wording of Section 37(4), as operative at the material time is too clear to permit any doubts being had as regards the disallowance of the guesthouse expenditure items.
(3.) FACED with the stiff opposition of the Revenue, Dr. Pal appearing for the assessee, had to place before us numerous authorities to support his case for admission of the appeal.;