1989 (12) TMI 41 - HC - Income Tax

Summary

The High Court of Kerala held that the expenditure incurred by a company on maintenance of bungalows used by employees and depreciation on these assets can be considered for computing disallowance under section 40A(5) of the Income-tax Act. The court ruled in favor of the Revenue and against the assessee, based on previous decisions. The judgment will be forwarded to the Income-tax Appellate Tribunal, Cochin Bench.