9911796707
TMI Blog1973 (1) TMI 16X X X X Extracts X X X X X X X X Extracts X X X X ..... hether, on the facts and in the circumstances of the case, the assessee is entitled to the deduction of Rs. 26,000 under section 10(1) or section 10(2)(xv) or section 12 of the Indian Income-tax Act, 1922 ? " - - - - - Dated:- 4-1-1973 - Judge(s) : C. S. P. SINGH., R. L. GULATI. JUDGMENT The judgment of the court was delivered by C. S. P. SINGH J.-The Income-tax Appellate Tribunal has in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... each in the company. The affairs of the company, in accordance with the articles of association, was to be managed by the two sets of directors aforesaid in rotation. In the relevant year, the company was being managed by Sri Jugal Kishore and Sri Purshottam Das. Large stock of unlifted sugar was lying with the company on account of the fact that the control price of sugar was higher than the pre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (xv) or section 12 of the Indian Income-tax Act, 1922. We are of the view that the contention is without substance and the view taken by the Tribunal is right. The loss on account of the fact that the company was unable to collect the subsidy was that of the company, and the assessee being a mere shareholder cannot claim that as a business loss or expenditure deductible either under section 10(1) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g dividends and director's fee. We are unable to appreciate this contention. There is nothing to indicate that in case the amount had not been paid by the assessee to the other directors, the dividend or the directors fee which the petitioner was to get from the company would have been withheld. The amount in question as such could not also be claimed under section 12 of the Act. In view of thes ..... X X X X Extracts X X X X X X X X Extracts X X X X
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