1988 (12) TMI 334 - HC - Income Tax

Summary

The High Court of Calcutta ruled in favor of the assessee regarding the deduction of legal expenses related to protecting shares of Mysore Paper Mills Ltd. The Tribunal justified deleting the expenses as they were incurred for preserving income-yielding shares. The Court referenced a Supreme Court decision supporting the deductibility of such expenses. The question of law was answered in favor of the assessee, and no costs were awarded.