1980 (11) TMI 8 - HC - Income Tax

Summary

The High Court of Kerala ruled in favor of the petitioner-company under the Kerala Agrl. I.T. Act, 1950. The court quashed orders disallowing deductions for interest on a mortgage and bonus paid to employees. The court directed the Commissioner to reassess the deductions urgently. No costs were awarded. (Case citation: 1980 (11) TMI 8 - KERALA High Court, Judge: T. KOCHU THOMMEN)