https://www.taxtmi.com/caselaws?id=189965 Whether interest credited in head-office books is taxable as received in British India turned on mercantile accounting and transfers: where regular head office-branch adjustments extinguished branch liabilities and portions were actually remitted or realised, such credits are to be treated as received or deemed received in British India and therefore taxable under the domestic Act; outcome adverse to the assessee. Whether Rs. 7,512 spent on criminal litigation was deductible under the Act depended on proof it was laid out wholly and exclusively for business; absence of material showing the expense was incidental to earning profits meant disallowance; outcome adverse to the assessee. 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 Whether interest credited in head-office books is taxable as received in British India turned on mercantile accounting and transfers: where regular head office-branch adjustments extinguished branch liabilities and portions were actually remitted or realised, such credits are to be treated as received or deemed received in British India and therefore taxable under the domestic Act; outcome adverse to the assessee. Whether Rs. 7,512 spent on criminal litigation was deductible under the Act depended on proof it was laid out wholly and exclusively for business; absence of material showing the expense was incidental to earning profits meant disallowance; outcome adverse to the assessee. Case-Laws Income Tax Tue, 14 Nov 1950 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189965