C. I. T. CENTRAL BOMBAY v. JALAN TRADING CO. (P) LTD

Citation: [1985] SUPP. 2 S.C.R. 517

Court: Supreme Court of India

Bench: V.D. TULZAPURKAR, SABYASACHI MUKHERJI, RANGANATH MISRA

Case summary

It agreed with the Tribunal that 'the assessee had acquired an asset of an enduring nature in lieu of the payment of the amount in dispute'; yet, the High Court held that the payment represented business expenditure and the claim of deduction was tenable under •· 10(2) (xv)...

Judgment text

It agreed with the Tribunal that 'the assessee had acquired an asset of an enduring nature in lieu of the payment of the amount in dispute'; yet, the High Court held that the payment represented business expenditure and the claim of deduction was tenable under •· 10(2) (xv)...