TMI Blog1962 (12) TMI 77X X X X Extracts X X X X X X X X Extracts X X X X ..... question relating to the assessment years 1957-58, 1958-59 and 1959-60. As directed by this court for the first of these years the question: Whether on the facts and in the circumstances of the case, the expenses totalling ₹ 4,493-11-9 incurred in connection with the kuries are admissible deductions under the Income-tax Act? has been referred to us. And for the subsequent years, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re detailed in the statement of the case in pages 14 and 15 of the printed papers. They all related to the commencement of certain kuries in each of the three years and are moneys expended for commission paid for canvassing, stationery, advertisement, registration, travelling expenses, stamppaper, postage and printing. In their nature, they are not capital expenditure. But it is contended that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e-tax [1960] 38 I.T.R. 533 and Nagpur Electric Light and Power Co. Ltd. v. Commissioner of Income-tax [1931] 6 I.T.C. 28 are applicable. In both these cases the question was whether expenses incurred in connection with the raising of a debenture loan, though, no doubt, for the purpose of finding funds for the business carried on by the assessee, are allowable under section 10(2)(xv). It was held i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
