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of <h1>Bombay High Court rules for assessee on disallowances under Income-tax Act</h1> <h3>Ruston And Hornsby India Private Limited Versus Commissioner Of Income-Tax</h3> The High Court of Bombay ruled in favor of the assessee in a case concerning disallowances under section 40A(5) of the Income-tax Act, 1961. The court ... Business Expenditure, Disallowance, Perquisite The High Court of Bombay delivered a judgment in response to two questions referred by the Income-tax Appellate Tribunal regarding disallowances under section 40A(5) of the Income-tax Act, 1961. The court answered both questions in the negative and in favor of the assessee based on a previous court decision. The assessment year involved was 1972-73. No costs were awarded. (Case citation: 1991 (2) TMI 61 - BOMBAY High Court)
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