1962 (12) TMI 77 - HC - Income Tax

Summary

The Kerala High Court ruled in favor of the assessee, a banking company, allowing deductions for expenses related to kuri business under the Income-tax Act for the assessment years 1957-58, 1958-59, and 1959-60. The expenses were considered revenue expenditure and not capital expenditure, following precedents set in previous cases. The court answered the questions in favor of the assessee with no costs awarded.