1960 (11) TMI 18 - SC - Income Tax

Whether, in the facts and circumstances of this case, the Appellate Tribunal was right in holding that ₹ 61,818, spent by the assessee to train Indian boys as jockeys, did not constitute expenses of the business of the assessee allowable under section 10(2)(xv) ?

Held that:- High Court has rightly held that the expenditure claimed was one which was wholly and exclusively laid out for the purpose of the respondent's business. It was to prevent the threatened extinction of the business of the respondent. In the result this appeal is dismissed