Assistant Commissioner Of Income-Tax vs Trade Links Ltd. on 16 December, 1994
In the order of the Tribunal in the case of Asstt. CIT vs. Trade Links Ltd. (supra), the Delhi Bench held the view that the decision of CIT vs. Chase Bright Steel Ltd. (1989) 177 ITR 124 (Bom), has been differed from by the honble Calcutta High Court. After detailed consideration expenditure incurred on rent and depreciation on the guest house was held to be disallowable under ss. 37(4) and (5).