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1960 (12) TMI 5 - SC - Income TaxWhether on the facts and in the circumstances of the case the amount of ₹ 3,20,162 is an allowable deduction ? Held that:- condition has not been fulfilled and the loss which the appellant has incurred is not in its own business but the liability arose because of the business of another person and that is not a permissible deduction within section 10(1) of the Act. It is not a loss which has to be deducted in respect of the business of the respondent from the profits and gains of the respondent's business. High Court was in error in answering the question in favour of the respondent. We, therefore, allow this appeal, set aside the judgment and order of the High Court and answer the question against the respondent
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