1952 (1) TMI 24

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..... e circumstances of the case and on the facts stated above, the sum of ₹ 11,265 paid by the assessee was an admissible deduction under Section 10(2)(xv) of the Income-tax Act? The assessee is a registered firm carrying on money-lending, sarrafa and cloth business. The assessee was required under the War Risks (Goods) Insurance Ordinance (No. IX of 1940) to get his full quantity of stock .....

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..... ₹ 11,265 could be said, in the circumstances of the case, to have been wholly and exclusively expended for purposes of the business. On the facts stated above which we have taken from the statement of the case and from the order of the Appellate Assistant Commissioner of Income-tax, it is clear that it is impossible to hold that the amount was spent wholly and exclusively for purposes of the .....

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