1986 (9) TMI 45 - HC - Income Tax

Summary

The High Court of Rajasthan ruled that the Income-tax Appellate Tribunal was not justified in allowing a deduction exceeding Rs. 50,772 as business expenditure for the assessment year 1968-69. The deduction should only be allowed for the amount of Rs. 50,772, which was the security deposit forfeited by the assessee.