1968 (7) TMI 2

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..... that the sum of Rs. 35,800 incurred by the assessee for the purpose of raising or securing overdraft facilities from the bank was an expenditure of a capital nature not allowable under s. 10(2)(xv) - Assessee's appeal allowed - - - - - Dated:- 25-7-1968 - J. C. SHAH., V. RAMASWAMY. and A. N. GROVER. JUDGMENT The judgment of the court was delivered by SHAH J.-- The appellant-company .....

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..... a capital nature not allowable under section 10(2)(xv) ? " This court in India Cements Ltd. v. Commissioner of Income-tax held that the expenditure incurred by the assessee for obtaining a loan from the Industrial Finance Corporation secured by a charge on its fixed assets was an admissible allowance under section 10(2)(xv) of the Income-tax Act, 1922, in the computation of total income. In th .....

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