https://www.taxtmi.com/caselaws?id=189965 Interest credited through head-office and branch book adjustments was treated as received in British India where the mercantile accounts showed extinguishment of the branch liability and effective receipt through the business structure, so the amount was liable to tax. Criminal litigation was not allowed as business expenditure because the record did not show that it was laid out wholly and exclusively for the purpose of the business or incidental to earning profits, so the deduction failed. The reference was answered in favour of the Revenue on the first issue and against the assessee on the second. en-us Tue, 14 Nov 1950 00:00:00 +0530 Fri, 27 Jan 2017 18:52:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189965 Interest credited through head-office and branch book adjustments was treated as received in British India where the mercantile accounts showed extinguishment of the branch liability and effective receipt through the business structure, so the amount was liable to tax. Criminal litigation was not allowed as business expenditure because the record did not show that it was laid out wholly and exclusively for the purpose of the business or incidental to earning profits, so the deduction failed. The reference was answered in favour of the Revenue on the first issue and against the assessee on the second. Case-Laws Income Tax Tue, 14 Nov 1950 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189965