https://www.taxtmi.com/caselaws?id=9222 The High Court held that the payment made by the assessee towards the loss incurred by a managed company was legally obligatory and a deductible business expense. The Court determined that the payment was made for commercial expediency and to preserve the business interests of the assessee, qualifying it as a business expense. The Court allowed the deduction, subject to verification of the loss claimed, ruling in favor of the assessee against the department. en-us Thu, 22 Mar 1973 00:00:00 +0530 Sat, 20 Jun 2009 15:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9222 The High Court held that the payment made by the assessee towards the loss incurred by a managed company was legally obligatory and a deductible business expense. The Court determined that the payment was made for commercial expediency and to preserve the business interests of the assessee, qualifying it as a business expense. The Court allowed the deduction, subject to verification of the loss claimed, ruling in favor of the assessee against the department. Case-Laws Income Tax Thu, 22 Mar 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9222