M/S PANCHSHEEL TEXTILE MANFAC. & TRAD. vs. C I T AND ANR.

Bench: MRS. JUSTICE LISA GILL,MRS. JUSTICE SUDEEPTI SHARMA

13. pur rele trad (O&M) and other connected ca uction under Section 36(1)(iii) ey borrowed for utilisation in the fore proceeding further it would come Tax Act, 1961 before ame vant and applicable in the years eproduce relevant portion of the arned Income Tax Tribunal, Cha levant portion of Section 36(1)(i ther Deductions:- ction

CIT-I CHANDIGARH vs. M/S PB.INFO&COMM. TECH. CORP. LTD. CHD.

The appeals are dismissed

Bench: MS. JUSTICE RITU BAHRI,MRS. JUSTICE MANISHA BATRA

8. Reference can further be had to Bilahari Investment (P) Ltd.'s case (Supra), wherein the Hon'ble Apex Court had observed that the income made by the business during the period can be measured only with the revenue earned during such period is compared with the expenditure incurred for earning that revenue. The revenue is recognized only when