https://www.taxtmi.com/caselaws?id=8490 The High Court held that the assessee's profits for 1957 were taxable for the assessment year 1958-59 under the Finance Act, 1958, not based on a prior agreement. Additionally, the commission paid for borrowing shares to secure tax recovery stay was not deductible as a business expense. Relying on precedent and Supreme Court decisions, the Court found that the commission was not incurred for the purpose of the business and thus denied the deduction. The judgment favored the department over the assessee on both issues, emphasizing the necessity for expenses to be directly linked to the business to be considered deductible. en-us Mon, 01 Feb 1971 00:00:00 +0530 Mon, 27 Apr 2009 15:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8490 The High Court held that the assessee's profits for 1957 were taxable for the assessment year 1958-59 under the Finance Act, 1958, not based on a prior agreement. Additionally, the commission paid for borrowing shares to secure tax recovery stay was not deductible as a business expense. Relying on precedent and Supreme Court decisions, the Court found that the commission was not incurred for the purpose of the business and thus denied the deduction. The judgment favored the department over the assessee on both issues, emphasizing the necessity for expenses to be directly linked to the business to be considered deductible. Case-Laws Income Tax Mon, 01 Feb 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8490