1984 (12) TMI 14 - HC - Income Tax

Summary

The High Court of Karnataka ruled that the amount of Rs. 5,582 debited as a provision for the use of the right of Mrs. Margon Pinto, the ex-partner, was not an allowable deduction. The Tribunal's decision to disallow the claim was upheld as there was no use of Mrs. Margon Pinto's right by the firm in the relevant year due to the absence of a credit balance in her favor.