1990 (12) TMI 5 - SC - Income Tax

Whether, the assessee would be entitled to claim as deductions the sums, for the assessment years 1959-60 to 1964-65, or any part thereof under section 10(2)(xv) or under the corresponding provisions of section 37 - held that income of expenditure of the fund was not belonging to the assessee-company and hence deficit paid by appellant is not allowable as an expenditure

Summary

The Supreme Court dismissed Civil Appeals related to deductions claimed under Income-tax Act for specific assessment years, partly in favor of Revenue. The High Court ruled that certain sums were not allowable deductions under section 10(2)(xv) for some assessment years. The appeals were dismissed with no order as to costs.