1967 (4) TMI 4 - SUPREME COURT

Transfer of the undertaking - Whether the workmen of the undertaking became entitled to retrenchment compensation - Held, no - amount claimed as a permissible allowance by the assessee in its profit and loss account cannot, be regarded as properly admissible either u/s. 10(1) or s. 10(2)(xv) - appeal of revenue is allowed and the order passed by the High Court is set aside.