https://www.taxtmi.com/caselaws?id=7141 Commercial expediency under the Indian Income-tax Act, 1922 requires expenditure to have a real and proximate nexus with business operations; political contributions based on speculative goodwill or remote expected advantage do not qualify as deductible business expenditure. Wealth-tax payable was not deductible as business expenditure or under the claimed specific heads. The appellate enhancement power extended to correcting assessment errors concerning items already considered by the Income-tax Officer, notwithstanding parallel reassessment or rectification proceedings. A corporate subscription made without authority in its memorandum of association was ultra vires when paid, and a later amendment could not retrospectively validate or ratify it. en-us Mon, 03 Jul 1967 00:00:00 +0530 Wed, 11 Feb 2009 17:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7141 Commercial expediency under the Indian Income-tax Act, 1922 requires expenditure to have a real and proximate nexus with business operations; political contributions based on speculative goodwill or remote expected advantage do not qualify as deductible business expenditure. Wealth-tax payable was not deductible as business expenditure or under the claimed specific heads. The appellate enhancement power extended to correcting assessment errors concerning items already considered by the Income-tax Officer, notwithstanding parallel reassessment or rectification proceedings. A corporate subscription made without authority in its memorandum of association was ultra vires when paid, and a later amendment could not retrospectively validate or ratify it. Case-Laws Income Tax Mon, 03 Jul 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7141