1992 (1) TMI 3 - SCH - Income Tax

Appeal by the CIT relates to a decision of the High Court - objection is to the disallowance of a sum of ₹ 28,422 paid to the members of management board appointed to manage the affairs of a firm for some time, u/s 10(4)(b) - Having regard to the small sum involved, the huge lapse of time, and the fact that the assessee-firm was having as many as nine partners, we do not consider it necessary to express our opinion on a question which is not of recurring importance

Summary

The Supreme Court dismissed the civil appeal by the Commissioner of Income-tax regarding the disallowance of a sum paid to management board members for the assessment year 1957-58 under section 10(4)(b) of the Indian Income-tax Act, 1922. The Court did not express an opinion due to the small sum involved, significant lapse of time, and unique circumstances of the case. No costs were awarded.