Shaw Wallace & Co. Ltd. vs Assistant Commissioner Of Income Tax

Whether separate assessment under section 143(3) can be made for an assessment year falling within the block period after a search under section 132? --- Held No, following the Calcutta High Court decision in the assessee's own case. | Whether payment of Rs. 10 crores as non-competition fees to promoters of acquired distilleries is allowable as revenue expenditure under section 37(1)? --- Held No, as it was for acquiring an enduring benefit and was capital in nature. | Whether depreciation on electric meters and transformers purchased from APSEB and leased back to them is allowable under section 32? --- Held No, as the transaction was a sham financial arrangement, not a genuine lease.