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HC upheld the assessee's claim for deduction of expenditure incurred to maintain and wind up a subsidiary company, finding it permissible under commercial expediency. The court determined that the expenditure was aimed at protecting the company's assets, goodwill, and reputation. Regarding book profit calculation under Section 115J, the HC affirmed that the Assessing Officer lacks jurisdiction to reassess the company's income beyond the specified statutory adjustments. The court ruled in favor of the assessee on both substantial questions of law, allowing the claimed deductions and maintaining the profit computation as originally submitted.
HC upheld the assessee's claim for deduction of expenditure incurred to maintain and wind up a subsidiary company, finding it permissible under commercial expediency. The court determined that the expenditure was aimed at protecting the company's assets, goodwill, and reputation. Regarding book profit calculation under Section 115J, the HC affirmed that the Assessing Officer lacks jurisdiction to reassess the company's income beyond the specified statutory adjustments. The court ruled in favor of the assessee on both substantial questions of law, allowing the claimed deductions and maintaining the profit computation as originally submitted.
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