https://www.taxtmi.com/caselaws?id=7141 The note explains that the Appellate Assistant Commissioner's enhancement power under the 1922 Income-tax Act was wide enough to correct items already considered by the Income-tax Officer, so the enhancement was valid. It also states that wealth-tax payable by the assessee was not deductible as business expenditure. On the corporate law issue, the subscription to the Indian National Congress was ultra vires the memorandum at the time of payment, and later amendment could not validate it retrospectively. However, the payment was not allowable as expenditure wholly and exclusively for business purposes because it lacked a real and proximate commercial nexus and rested only on remote political or business advantage. 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 The note explains that the Appellate Assistant Commissioner's enhancement power under the 1922 Income-tax Act was wide enough to correct items already considered by the Income-tax Officer, so the enhancement was valid. It also states that wealth-tax payable by the assessee was not deductible as business expenditure. On the corporate law issue, the subscription to the Indian National Congress was ultra vires the memorandum at the time of payment, and later amendment could not validate it retrospectively. However, the payment was not allowable as expenditure wholly and exclusively for business purposes because it lacked a real and proximate commercial nexus and rested only on remote political or business advantage. Case-Laws Income Tax Mon, 03 Jul 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7141