1988 (5) TMI 2 - SC - Income Tax

Expenditure incurred by the assessee on providing water pipelines and electricity facility to municipality - capital expenditure - Whether, the expenditure of Rs. 2,09,459, or any portion thereof, incurred by the company in the accounting period relevant to the assessment year 1959-60 was allowable as deduction in determining the profits of the company for the assessment year 1959-60