TMI Blog1969 (2) TMI 37X X X X Extracts X X X X X X X X Extracts X X X X ..... e profits and not to create any asset of a capital character - hence it is deductible in arriving at the assessee`s income - - - - - Dated:- 25-2-1969 - Judge(s) : RAMAPRASADA RAO., VEERASWAMI. JUDGMENT The judgment of the court was delivered by VEERASWAMI J.-The question in this reference turns on the character of an outgoing of Rs. 1,001 as to whether it is a capital or revenue expendi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee. So the reference arises, the question being : " Whether on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the sum of Rs. 1,001 was deductible in arriving at the assessee's income from business for the assessment year 1962-63 ? " For the revenue it is urged that, while the Tribunal referred to the appropriate decisions, particularly Assam B ..... X X X X Extracts X X X X X X X X Extracts X X X X
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