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1973 (4) TMI 19 - MADRAS HIGH COURTAssessee-company was formerly carrying on the business of supply electricity at various places in Madras State. The business was taken over by the Madras Electricity Board under the Madras Electricity Undertakings Acquisition Act, 1954, with effect from June 1, 1957. As from this date the assessee-company ceased its business of aupplying electricity and did not deprive any income from the business as such - It carried on no business, but it had some interest income which was assessed under the head "other sources" - Whether expenses relating to establishment, salaries, remuneration and travelling of directors, etc. can be treated as having been incurred solely for earning the income and whether the Income-tax Officer would be justified in estimating portion of the expenses as attributable to earning the income
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