https://www.taxtmi.com/caselaws?id=192446 Payment to a former director was not shown to be expenditure laid out wholly and exclusively for business purposes where the company had already resolved to go into voluntary liquidation, the recipient had long ceased to control the business, and no contractual obligation, settled practice, or business necessity was proved. The claim was examined under section 10(2)(xv) of the Indian Income-tax Act, 1922, and the facts did not justify treatment as bonus or commission under section 10(2)(x). The expenditure was therefore not allowable as a business deduction, and the conclusion was against the assessee. en-us Thu, 13 Dec 1951 00:00:00 +0530 Thu, 01 Jun 2017 15:36:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192446 Payment to a former director was not shown to be expenditure laid out wholly and exclusively for business purposes where the company had already resolved to go into voluntary liquidation, the recipient had long ceased to control the business, and no contractual obligation, settled practice, or business necessity was proved. The claim was examined under section 10(2)(xv) of the Indian Income-tax Act, 1922, and the facts did not justify treatment as bonus or commission under section 10(2)(x). The expenditure was therefore not allowable as a business deduction, and the conclusion was against the assessee. Case-Laws Income Tax Thu, 13 Dec 1951 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192446