https://www.taxtmi.com/caselaws?id=6538 Deductibility of fund payments under section 10(2)(xv) of the 1922 Act and the corresponding section 37 of the 1961 Act depended on whether the claimed sums were properly attributable to the assessee's profit and loss account for the relevant assessment years. The High Court held that the amounts claimed for 1959-60 and 1960-61 were not allowable, and for later years only the excess amounts specifically referable to the fund payments and charged to the profit and loss account could be deducted. The Supreme Court found no infirmity in that approach and declined to interfere, leaving the deduction claim rejected except to the limited extent allowed by the High Court. en-us Tue, 04 Dec 1990 00:00:00 +0530 Sat, 06 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6538 Deductibility of fund payments under section 10(2)(xv) of the 1922 Act and the corresponding section 37 of the 1961 Act depended on whether the claimed sums were properly attributable to the assessee's profit and loss account for the relevant assessment years. The High Court held that the amounts claimed for 1959-60 and 1960-61 were not allowable, and for later years only the excess amounts specifically referable to the fund payments and charged to the profit and loss account could be deducted. The Supreme Court found no infirmity in that approach and declined to interfere, leaving the deduction claim rejected except to the limited extent allowed by the High Court. Case-Laws Income Tax Tue, 04 Dec 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6538