Home Case Index All Cases Income Tax Income Tax + SC Income Tax - 1998 (5) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
1998 (5) TMI 7 - SC - Income TaxDeductibility of a sum of Rs. 20 lakhs out of the assessee's profits as sum was given as advance for modernisation of its plants - business of running a cotton mill was not assessee's own, but was only operating the said mill under leave and licence agreement - impugned advance was given not for its own purpose by way of business expenditure, but as capital to the lessor - thus the loss suffered by the assessee was a capital loss and hence, the amount could not be deducted
|