1991 (3) TMI 63 - HC - Income Tax

Summary

The High Court of Bombay ruled on a departmental reference regarding the assessment of an assessee for the years 1969-70, 1970-71, and 1971-72. The court answered the first question in favor of the assessee based on a previous judgment. The second question, regarding weighted deduction for expenditure on insurance and interest paid in London, was also answered in favor of the assessee as the expenditure was for maintaining a branch office in London for promoting sales outside India. The Tribunal's decision was upheld.