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1960 (11) TMI 9 - SUPREME COURTWhether the Tribunal was justified in law in holding that the petitioner had carried on its business only till the twenty-eighth day of August, one thousand nine hundred and forty-five ? Whether on the facts and circumstances of the case, the Income-tax Appellate Tribunal was justified in law in not allowing the sum of ₹ 41,998 (Rupees forty-one thousand nine hundred and ninety-eight) on sale of machines and ₹ 3,700 (Rupees three thousand and seven hundred) on the sale of lorry as a deduction from the total income of the applicant ? Held that:- Appeal dismissed. The High Court correctly answered the first question in the affirmative, holding that there was evidence on which the Tribunal could reach the conclusion that the business had, in fact, been continued only till August 28, 1945. On the second question, the High Court was of correct opinion that the business having been carried on for at least a part of the account year, section 10(2)(vii) was applicable, and that, therefore, this allowance had to be made under that clause. The High Court, therefore, answered the question in the negative. The High Court refused to grant a certificate to appeal to this court, but the Commissioner of Income-tax applied for and obtained special leave, and this appeal has been filed.
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