High Court Ruling: Revenue wins on deduction claim, disallows personal car use expenses, allows shifting expenses.

The High Court of Madras ruled in favor of the Revenue on the claim for weighted deduction under section 35B for bank charges for the assessment year 1980-81. It upheld the disallowance of expenditure under sections 40A(5) related to personal use of company cars but allowed shifting expenses as revenue expenditure. The case was disposed of with no costs.

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The High Court of Madras delivered a judgment regarding income tax issues for the assessment year 1980-81. The court ruled in favor of the Revenue on the claim for weighted deduction under section 35B for bank charges. It upheld the disallowance of expenditure under sections 40A(5) related to personal use of company cars but allowed shifting expenses as revenue expenditure. The case was disposed of with no costs.

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