Treatment of expense should be based on nature & not on assessee’s statement

HIGH COURT OF MADRAS Chamundi Steel Rolling Mills Versus Assistant Commissioner of Income-tax T.C. (A) NO. 2173 OF 2006 OCTOBER 1, 2012 JUDGMENT Chitra Venkataraman, J. The assessee is on appeal as against the order of the Income Tax Appellate Tribunal, Madras ‘A’ Bench, dated 1st September 2005 in ITA. No. 1557/Mds/1999 relating to the assessment year 1992-93 raising the following question of law:- “Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is right in law in non considering and in rejecting the appellant...