1962 (4) TMI 131

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..... e opinion of the court is : "Whether, on a true interpretation of clause (xv) of sub-section (2) of section 10 of the Indian Income Tax Act, the expenditure of ₹ 8,600 was not a permissible deduction ?" The question has arisen in the following circumstances : The assessee which is a public limited company incurred an expenses of ₹ 8,600 as fees of chartered accountants a .....

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..... taken in those cases has been approved by the House of Lords : Smiths Potato Estates Ltd. v. Bolland and Rushden Heel Co. Ltd. v. Keene. It has been held in both these cases that legal and accountancy expenditure incurred with a view to reduce an assessment cannot be said to have been laid out or expended wholly or exclusively for purposes of the business. In S.D. Sharma v. Commissioner Of Income .....

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