1980 (10) TMI 21 - HC - Income Tax

Summary

The High Court of Madhya Pradesh allowed an application under section 256(2) of the Income Tax Act, 1961, regarding the allowability of retrenchment compensation as an expenditure for a partnership firm for the assessment year 1972-73. The court directed the Tribunal to refer the question of law on whether the expenditure of Rs. 26,271 was allowable in computing the firm's income.