1981 (1) TMI 29 - HC - Income Tax

Summary

The High Court of Calcutta considered a case involving a claim for deduction of Rs. 1,08,922 as a revenue expenditure. The dispute arose from the unlawful use of assets and goodwill of a firm. The court ruled against the assessee, upholding the decision of the Income Tax Officer and the Appellate Authority. The Tribunal also supported the disallowance of the claim, stating that the payment was made in a peculiar way and after the relevant assessment year. The court answered question No. 1 in the negative, in favor of the revenue, and did not address question No. 2.