1978 (12) TMI 4 - HC - Income Tax

Summary

The High Court of Kerala ruled in favor of the assessee regarding the deductibility of legal and audit expenses claimed under section 5(j) of the Kerala Agricultural Income-tax Act, 1950. The court held that the expenses were deductible as they were laid out exclusively for deriving agricultural income. The decision was based on previous court rulings and the questions were answered in favor of the assessee.