1960 (12) TMI 16 - SC - Income Tax

Dealer In Shares, High Court To Interfere, Jurisdiction Of High Court, Purchase And Sale, Tax Proceedings

Summary

The Supreme Court dismissed the appeal regarding the deductibility of expenses for maintaining immature rubber trees, upholding the High Court's decision that such expenses are deductible under section 5(e) of the Madras Plantations Agricultural Income-tax Act. The judgment was delivered by Judges J. L. Kapur, M. Hidayatullah, and J. C. Shah. The appeal was related to an assessment for the year 1955-56 on an estate in South Malabar district with rubber plantations. The Court found that the Madras Act provisions were similar to those of the Travancore-Cochin Act, with the former being more favorable to the respondent. The appeal was dismissed with costs.